May 2, 2023
Lennar chairman on Q1 results: â€˜we saw a strong economyâ€™
Lennar Corporation, one of the largest homebuilders in the United States, recently reported its first-quarter results for 2021. The company's chairman, Stuart Miller, spoke about the results and the state of the economy during a conference call with investors.
Miller began by acknowledging the challenges of the past year, including the COVID-19 pandemic and its impact on the economy. However, he noted that Lennar had adapted well to the changing circumstances and had seen strong demand for its homes.
We saw a strong economy in the first quarter, with low interest rates and a robust housing market, Miller said. Our results reflect the resilience of our business model and the dedication of our team.
Lennar reported net earnings of $516.7 million for the first quarter of 2021, up from $398.5 million in the same period last year. The company also saw a 19% increase in new orders for homes, with a total value of $6.4 billion.
Miller attributed the strong results to several factors, including Lennar's focus on affordable homes and its ability to adapt to changing market conditions. He also noted that the company had benefited from the federal government's stimulus efforts, which had helped to boost consumer confidence and spending.
We're seeing a lot of pent-up demand for housing, particularly among millennials who are entering the market for the first time, Miller said. We're also seeing strong demand from move-up buyers who are looking for larger homes with more space for remote work and schooling.
Looking ahead, Miller expressed optimism about the future of the housing market and Lennar's position within it. He noted that the company had a strong pipeline of new projects and was well-positioned to meet the needs of homebuyers in a post-pandemic world.
We're confident that the housing market will continue to be a bright spot in the economy, and we're excited about the opportunities ahead for Lennar, Miller said. We remain committed to delivering high-quality homes at affordable prices and to creating value for our shareholders.
Overall, Lennar's first-quarter results reflect the strength of the housing market and the resilience of the company's business model. With a focus on affordability and adaptability, Lennar is well-positioned to continue thriving in the years ahead.