Lennar posts profits, record margins for Q2
Net income for home builder Lennar was $137.7 million for the second quarter of 2014, up slightly from the $137.4 million it reported for the same period of 2013. Revenues from home sales increased 28% in the second quarter of 2014 to $1.6 billion from $1.3 billion in the second quarter of 2013.
The rise in revenue accompanied a rise in the number of homes Lennar delivered — from 4,449 homes in the second quarter of 2013 to the 4,976 it delivered this past quarter.
From the beginning of March to the end of May, the company also saw an 8% increase in the number of home orders, which is value at about $2 billion.
Lennar’s CEO, Stuart Miller, expressed satisfaction with the second-quarter numbers, which brought margins to record quarter highs for the home builder.
"Our core home-building business is hitting on all cylinders,” Miller said. “Fueled by a 14% increase in our average sales price and continued momentum from our land acquisition strategy, our gross and operating margins increased to 25.5% and 14.7%, respectively, the highest second-quarter margins in the Company’s history."
The results from this quarter, according to Miller, were actually less than expected, but he said they’re indicative of a recovering market.
"While the spring selling season was softer than anticipated by us and the investor community, the home-building recovery continued its progression at a slow and steady pace,” Miller said. “The fundamentals of the home-building industry remain strong driven by high affordability levels, favorable monthly payment comparisons to rentals and overall supply shortages. Demand in most of our markets continues to outpace supply, which is constrained by limited land availability."
Lennar’s operating earnings also rose by 31% to $234.5 million.
DaVinci Roofscapes celebrates 15 years
Kansas-based roofing company DaVinci Roofscapes is commemorating 15 years of manufacturing its polymer slate and shake roofing systems, with a new facility marking the company’s growth.
The company, which took root in 1999 in Kansas City, recently relocated to a larger facility in Lenexa.
“We’ve grown a good deal since our beginnings 15 years ago, and we realized that our leased facility would not support our future growth," DaVinci president and CEO Ray Rosewall said. “Our new facility has enabled us to add much-needed capacity and will ensure that we can meet the ongoing increases in demand for our impact- and fire-resistant roofing products."
In addition to the recyclable products’ resistance to fire and impact, DaVinci’s tiles — which come in 49 colors –resist curling, fungus, insects and mold. The company also has a Made-in-USA business model, manufacturing exclusively in Kansas.
“We’re extremely proud that all of our products are made in the United States and that we support our economy by providing jobs for hard-working folks around the country,” said Rosewall. “We’re part of the multiplier effect because our ‘Made in America’ commitment also means we purchase from suppliers located only in the United States.”
Krylon introduces Superbond Paint + Primer
Krylon is trying to speed up spray paint projects with its new line of Dual Superbond Paint + Primer.
The new paint — which is available in 24 colors — uses a formula that prevents rust and cuts out the need for primer or a sander, removing an entire step from metal painting projects.
Dual Superbond dries in about 25 minutes and adheres to such substances as melamine and plastic.
"Dual Superbond offers a solution for the many surfaces that have proven challenging to paint in the past," said Krylon product manager Denise Patterson. "It offers the ultimate adhesion for projects, such as laminate furniture and cabinets, and melamine storage units, and it bonds to most plastics that most other paints don’t.”
The line of paints will also feature Krylon’s EZ Touch spray nozzle, and retail for $4.99 to $5.99.