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Lennar Corp LEN

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Morningstar’s Analysis

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Lennar Reported Excellent Q1 Results; Spin-Off and Rental Venture Announcements Take Center Stage

Analyst Note

| Brian Bernard, CFA, CPA |

Lennar's stock surged 13% on March 17 after the company reported fantastic fiscal first-quarter results. However, we think the market was reacting more to Lennar's announced spin-off and single-family rental venture than its strong performance.

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Company Profile

Business Description

After merging with CalAtlantic in February 2018, Lennar has become the largest homebuilder (by revenue) in the United States. The company’s homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name. Lennar’s financial-services segment provides mortgage financing and related services to its homebuyers. Miami-based Lennar is also involved in multifamily construction.

Contact
700 Northwest 107th Avenue
Miami, FL, 33172
T +1 305 559-4000
Sector Consumer Cyclical
Industry Residential Construction
Most Recent Earnings Feb 28, 2021
Fiscal Year End Nov 30, 2021
Stock Type Cyclical
Employees 9,495

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