Lennar (LEN $14.27 +0.47) reported third quarter earnings of $0.11 per
share, in-line with the Capital IQ Consensus Estimate consensus of $0.11.
Revenues fell 0.6% year/year to $820.2 million versus the $808 million
consensus.
Additionally, the company reported gross margin on home sales of 21.1%,
improving 170 basis points from second quarter 2010; Deliveries of 2,865 homes,
down 3% from third quarter 2010; New orders of 2,914 homes, up 11% from third
quarter 2010; Cancellation rate of 20%; Backlog of 2,519 homes; up 16% from
third quarter 2010; and Homebuilding debt to total capital, net of cash and cash
equivalents, of 46.6%.






