Lennar posts 11% fourth-quarter sales growth
Amid signs of a stabilizing home market, Miami-based home builder Lennar reported fourth-quarter sales of $952.7 million, up 11% from the year-ago quarter. Net earnings for the quarter were down slightly from $32.0 million to $30.3 million.
For the full year, revenues were up 1% to $3.1 billion, as net earnings of $92.2 million slipped from $95.3 million.
"As we come to the end of 2011 and head into 2012, we have seen the market start to stabilize, driven by a combination of low home prices and low interest rates, making the decision to purchase a new home more attractive, compared with the heated rental market. These factors are reflected in our new orders and sales backlog, which increased 20% and 35%, respectively, from the prior-year quarter."
In the fourth quarter, deliveries were 3,375 homes, up 9%. New orders were 3,027 homes, up 20%. However, the cancellation rate was 20%, and the backlog of 2,171 homes was up 35%.
Lennar received 11,412 new orders in fiscal 2011, up 4% from the previous year.
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Tucker to leave Florida Building Material Association
Bill Tucker, the president of the Florida Building Material Association (FBMA), is leaving the position after nearly 20 years with the LBM trade group. The news was announced in the FBMA newsletter, which said that Tucker would work with the association through the next three months as it divides up his duties among various board members and remaining staff.
Last year Tucker had notified the FBMA that he would leave the association at the end of 2012, he told Home Channel News in an interview. But he moved up the date after a recent health scare and to help the trade group trim expenses.
“When you reach 20 years, you realize that, if you want to do something different, now is the time," Tucker told HCN. He is currently working on a book project and plans to do some speaking engagements and leadership training seminars.
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In Ohio, 84 Lumber closes a location
A Mount Vernon, Ohio, location of 84 Lumber — one of six in the state — closed its doors Monday morning, the Mount Vernon News reported.
Mount Vernon is about 50 miles northeast of Columbus in central Ohio. The store is located on 665 Harcourt Rd. in Mount Vernon.
84 Lumber ranked second on the 2011 Home Channel News Top 200 Pro Dealer Scoreboard with an estimated $1.458 billion in 2010 sales.
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What happened to 84 Lumber?
What happened to 84 Lumber? At a time where the Home Improvement industry is still doing well, it was quite surprising to see a huge business like the 84 Lumber at Ohio closing its doors. Business can be so unpredictable. Christopher - Stoett