April 1, 2009 |
Lennar Corp., the second-worst performer among U.S. home-building stocks last year, fell 14% after posting a wider first-quarter loss. The loss was $155.9 million, or 98 cents a share, compared with $88.2 million, or 56 cents, a year earlier, the Miami-based company said. That exceeded the 78 cents projected in a Bloomberg survey. Revenue fell 44% to $593.1 million. Lennar wrote down $10.2 million for 1,100 home sites it no longer intends to build on and said new orders tumbled 28% even as mortgage rates hit historic lows.
September 24, 2008 |
Lennar Corp., one of the nation's largest home builders, said that its sales in the third quarter plunged more than 50% and that it didn't expect the housing market to improve "for some time to come." By slashing costs, Lennar narrowed its loss to $89 million, or 56 cents a share, during the three months ended Aug. 31, from a loss of $513.9 million, or $3.25, in the year-ago quarter. Revenue fell to $1.11 billion from $2.34 billion. Lennar's results were in line with Wall Street forecasts, but its outlook disappointed investors, who sent its shares down almost 8%, or $1.01, to $12.73.
May 23, 1996 |
A partnership that includes Lennar Corp., one of the nation's largest home builders, said it had purchased about 800 acres in Huntington Beach, La Mirada and Richmond, Calif. The partnership, which includes Tiger Real Estate Fund of New York, bought the land from Chevron Land and Development Company for an undisclosed amount, and plans to continue developing the land, generating approximately $300 million in revenue.
February 27, 1996
The name most whispered these days in local real estate circles has to be "Lennar." One of the nation's largest home builders, Miami-based Lennar Corp. has been linked to ventures with the Baldwin brothers' troubled real estate empire and the Coto de Caza development, among others. Now, the word from John Jaffe, Lennar's local bigwig, is that the company is not interested in buying the bankrupt Baldwin Cos. anymore. "At the present time, our focus is on other things," Jaffe said Monday.
CALIFORNIA | LOCAL
July 29, 2002 |
Leonard Miller, 69, the chairman and co-founder of home builder Lennar Corp., died Sunday of liver cancer at his home in Miami Beach. Miller founded F&R Builders with a $10,000 investment in 1954. By 1961, the company was selling more than 350 homes a year. In 1972, Miller and a friend, Arnold Rosen, took the Miami-based company public as Lennar. It now is one of the largest home builders in the nation, with 7,000 employees in 13 states.
March 14, 1996 |
In its first major move into Southern California, Miami builder Lennar Corp. has bought 2,200 acres here and will become manager of this large gated community in South County. One of the nation's largest home builders, Lennar teamed up with the Tiger Real Estate Fund, L.P. of New York to buy the property from a Chevron Land and Development Co. partnership. The price was not disclosed, but sources estimated the deal's value at $50 million.