http://www.morningstar.com/earnings/50034974-lennar-corp-len-q1-2013.aspx

Lennar Corp LEN
Q1 2013 Earnings Call Transcript

Transcript Call Date 03/20/2013

Operator: Thank you for standing by and welcome to Lennar's First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.

I will now turn the call over to Mr. David Collins for the reading of the forward-looking statement.

David Collins - Controller: Thank you. Today's conference call may include forward-looking statements that are subject to risks and uncertainties relating to Lennar's future business and financial performance. These forward-looking statements may include statements regarding Lennar's business, financial conditions, results of operations, cash flows, strategies and prospects. Forward-looking statements represent only Lennar's estimates on the date of this conference call and are not intended to give any assurance as to actual future results.

Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors that could cause Lennar's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption, Risk Factors, contained in Lennar's Annual Report on Form 10-K most recently filed with the SEC. Please note that Lennar assumes no obligation to update any forward-looking statements.

Operator: I would now like to introduce your host, Mr. Stuart Miller, CEO. Sir, you may begin.

Stuart A. Miller - CEO: Great. Thank you and good morning, everyone. Thanks for joining us for our first quarter 2013 update. We're pleased to share our results this morning. I'm joined this morning by Bruce Gross, our Chief Financial Officer; Dave Collins, who you just heard from, our Controller and Diane Bessette, our Vice President and Treasurer. Additionally, Rick Beckwitt, our President; and Jeff Krasnoff, Chief Executive Officer of Rialto are with us here as well. Jon Jaffe, our Chief Operating Officer is available by phone for the Q&A session.

We also have with us Eric Feder who has been a bridge for deals within the Company and today is his birthday, so we asked him to join us for the conference call today, so happy birth day, Eric.

I'd like to begin this morning with some remarks on the overall state of the housing market recovery and then briefly overview our operation. Bruce is then going to provide some detail on our financial services segment as well as some additional color on our overall numbers, and as always we'll open it up for Q&A, and we request that during the Q&A time period that each person limit themselves to one question and one related follow-up.

So, to begin, let me make four macro points about the housing market recovery. First, housing is recovering and the recovery is consistent, healthy and growing stronger. We saw from yesterday's housing starts and permits numbers that the recovery in housing is continuing to progress in both multifamily and single-family products. This data confirms what we've seen in the field for some time. There's been an underproduction of housing during the downturn as we produced as few as 550,000 homes per year during the downturn of both multi and for sale product. This is very close to the rate at which homes become obsolete.

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