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December 18, 2013
11:37 EDTLENLennar anticipates 'robust' spring selling season
The company said it has seen a "pause" in the rate of improvement in the recovery of the housing market in the past months, as both volume and price appreciation "have moderated in response to political turmoil and interest rate increases." Believes now that the housing market remains on track for a solid recovery and is likely to continue to improve over an extended period of time. Says inventories have been extremely low and likely to remain constrained. The company anticipates a "robust" spring selling season. Feels 2014 selling season to be healthy. Says company is "pleased" with the progress of multifamily apartment business. Says housing market is "healing." Sees gross margin to average about 25% for the full year. Sees multi-family unit to experience a net start-up loss in the range of $15M-$20M for 1Q14. Comments made during the company's Q4 earnings conference call.
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