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Lennar Corporation (NYSE: LEN and LEN.B) announced the election of Jon Jaffe as Co-Chief Executive Officer and Co-President, sharing the role with Rick Beckwitt, effective November 3, 2020. Stuart Miller, Executive Chairman, highlighted Jaffe's significant contributions to the company's leadership in homebuilding. Both leaders emphasized their successful partnership and commitment to driving shareholder value and operational excellence. Jaffe has over 30 years of experience, including crucial leadership in Lennar's growth in California. This structural change reflects their effective collaboration and strategic vision.
Lennar Corporation (NYSE: LEN, LEN.B) has announced an increase in its annual dividend from $0.50 to $1.00 per share, translating to a quarterly cash dividend of $0.25 per share for both Class A and Class B common stock. This dividend is payable on October 30, 2020 to shareholders recorded by October 16, 2020. Executive Chairman Stuart Miller stated that this decision reflects confidence in the company's cash flow and a commitment to maximizing total shareholder returns, alongside debt reduction and stock repurchase strategies.
Lennar reported third-quarter net earnings of $666.4 million or $2.12 per diluted share, marking increases of 30% and 33% year-over-year. Deliveries rose 2% to 13,842 homes, while new orders surged 16% to 15,564 homes valued at $6.3 billion. The backlog also grew by 4%. Revenues remained stable at $5.9 billion, with gross margin on home sales improving to 23.1%. The company ended the quarter with $2 billion in cash and no debt under its revolving credit facility. Fourth-quarter expectations include 15,500-16,000 home deliveries and a gross margin of 23.25%-23.5%.
Lennar Corporation (NYSE: LEN and LEN.B) will announce its third-quarter earnings for the period ending August 31, 2020, after market close on September 14, 2020. A conference call to discuss these results is scheduled for September 15, 2020, at 11:00 a.m. Eastern Time, which will be available for live streaming on Lennar's website. The call will also be archived for 90 days for those unable to attend live. Lennar, established in 1954, is a prominent homebuilder, focusing on a variety of housing segments while also providing financial services through its subsidiaries.
Lennar Corporation (NYSE: LEN, LEN.B) announced a quarterly cash dividend of $0.125 per share for both Class A and Class B common stock. The dividend is payable on July 24, 2020, to shareholders of record as of July 10, 2020. This decision reflects Lennar's commitment to returning value to its shareholders while continuing to operate as one of the nation's leading homebuilders, engaged in constructing a range of homes and providing financial services.
Lennar Corporation (NYSE: LEN, LEN.B) reported Q2 2020 net earnings of $517.4 million ($1.65 per diluted share), a 27% increase from $421.5 million ($1.30 per diluted share) last year. Home deliveries were flat at 12,672 homes, while new orders fell 10% to 13,015 homes, totaling $4.9 billion—a 16% decline. Homebuilding gross margin rose to 21.6% from 20.1%. Operating earnings in Financial Services surged to $150.6 million. The company's cash position is strong with $1.4 billion readily available and no debt under its credit facility.