Lennar misses by $0.18, beats on revs (66.67)
- Reports Q4 (Nov) earnings of $1.29 per share, $0.18 worse than the Capital IQ Consensus of $1.47; revenues rose 12.1% year/year to $3.79 bln vs the $3.59 bln Capital IQ Consensus.
- Deliveries of 8,633 homes -- up 5%. New orders of 7,357 homes -- up 12%; new orders dollar value of $2.8 billion -- up 18%. Backlog of 8,935 homes -- up 17%; backlog dollar value of $3.6 billion -- up 23%.
- Gross margins on home sales were $747.5 million, or 22.4%, in the fourth quarter of 2017, compared to $683.5 million, or 23.3%, in the fourth quarter of 2016.
- In December 2017, the Tax Cuts and Jobs Act was enacted which will have a positive impact on our effective tax rate in 2018 and subsequent years. The tax reform bill will reduce our effective tax rate in 2018 from 34% to approximately 25%. Excluded from our 2018 effective tax rate is a one-time non-cash write-down of our deferred tax assets of approximately $70 million which will be recorded in the first quarter of 2018 as a result of our lower effective tax rate