Lennar (LEN) FY2013 results: revenue $5.9 billion, up 44.6% on the year
Lennar Corp. (LEN) reported revenue of $5.9 billion for fiscal 2013, the year ended 30 November 2013, up 44.6% on the year before. Net income was $480 million, down 29.4%, and diluted earnings per share $2.15. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2014.
Revenue
$5.9 billion
+44.6% on the year
FY2008FY2013
Operating margin
14.0%
8.5% a year earlier
FY2008FY2013
Net income
$480 million
-29.4% on the year
FY2008FY2013
Diluted EPS
$2.15
-30.9% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
5,935
4,105
3,095
+44.6%
Operating income
828
349
193
+136.9%
Operating margin
14.0%
8.5%
6.2%
Interest expense
214
181
163
+18.1%
Pre-tax income
682
222
98.0
+207.0%
Income tax
177
-435
-14.6
Effective tax rate
26.0%
-195.9%
-14.9%
Net income
480
679
92.2
-29.4%
Net margin
8.1%
16.5%
3.0%
Diluted EPS
$2.15
$3.11
$0.48
-30.9%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
-808
-425
-259
Capital expenditure
9.4
n/a
n/a
Free cash flow
-817
n/a
n/a
Free cash flow margin
-13.8%
n/a
n/a
Cash from investing
689
245
-136
+181.0%
Cash from financing
-222
326
165
Depreciation and amortisation
30.3
28.1
21.5
+8.1%
Share-based compensation
33.7
31.7
24.0
+6.1%
Buybacks
12.3
17.1
5.7
-28.2%
Dividends paid
30.9
30.4
29.9
+1.7%
Diluted shares, weighted
226m
219m
195m
+3.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,169
3,415
2,696
+22.1%
Non-controlling interest
459
586
607
-21.8%
Debt
4,194
4,005
3,363
+4.7%
Other liabilities
2,418
2,356
2,488
+2.6%
Total liabilities and equity
11,240
10,362
9,155
+8.5%
Fixed assets
181
314
319
-42.2%
Goodwill
34.0
n/a
34.0
Intangible assets
0.0
0.0
0.0
Trading assets
0.0
0.0
n/a
Cash and equivalents
971
1,311
1,164
-26.0%
Other assets
10,054
8,738
7,638
+15.1%
Total assets
11,240
10,362
9,155
+8.5%
10-K for the year ended 30 November 2013, filed 28 January 2014: the filing.