Lennar (LEN) FY2012 results: revenue $4.1 billion, up 32.6% on the year
Lennar Corp. (LEN) reported revenue of $4.1 billion for fiscal 2012, the year ended 30 November 2012, up 32.6% on the year before. Net income was $679 million, up 636.6%, and diluted earnings per share $3.11. The figures are the company's own, from the 10-K it filed with the SEC on 29 January 2013.
Revenue
$4.1 billion
+32.6% on the year
FY2008FY2012
Operating margin
8.5%
6.2% a year earlier
FY2008FY2012
Net income
$679 million
+636.6% on the year
FY2008FY2012
Diluted EPS
$3.11
+547.9% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
4,105
3,095
3,074
+32.6%
Operating income
349
193
189
+80.8%
Operating margin
8.5%
6.2%
6.1%
Interest expense
181
163
144
+11.3%
Pre-tax income
222
98.0
94.7
+126.7%
Income tax
-435
-14.6
-25.7
Effective tax rate
-195.9%
-14.9%
-27.2%
Net income
679
92.2
95.3
+636.6%
Net margin
16.5%
3.0%
3.1%
Diluted EPS
$3.11
$0.48
$0.51
+547.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
-425
-259
274
Cash from investing
245
-136
-673
Cash from financing
326
165
336
+98.2%
Depreciation and amortisation
28.1
21.5
13.5
+30.6%
Share-based compensation
31.7
24.0
28.1
+32.0%
Buybacks
17.1
5.7
1.8
+199.6%
Dividends paid
30.4
29.9
29.6
+1.6%
Diluted shares, weighted
219m
195m
189m
+12.0%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
3,415
2,696
2,609
+26.6%
Non-controlling interest
586
607
585
-3.4%
Debt
4,005
3,363
n/a
+19.1%
Other liabilities
2,356
2,488
5,593
-5.3%
Total liabilities and equity
10,362
9,155
8,788
+13.2%
Fixed assets
314
319
195
-1.8%
Goodwill
n/a
34.0
34.0
Intangible assets
0.0
0.0
0.0
Trading assets
0.0
n/a
n/a
Cash and equivalents
1,311
1,164
1,394
+12.6%
Other assets
8,738
7,638
7,165
+14.4%
Total assets
10,362
9,155
8,788
+13.2%
10-K for the year ended 30 November 2012, filed 29 January 2013: the filing.