Lennar (LEN) FY2014 results: revenue $7.8 billion, up 31.1% on the year
Lennar Corp. (LEN) reported revenue of $7.8 billion for fiscal 2014, the year ended 30 November 2014, up 31.1% on the year before. Net income was $639 million, up 33.2%, and diluted earnings per share $2.80. The figures are the company's own, from the 10-K it filed with the SEC on 23 January 2015.
Revenue
$7.8 billion
+31.1% on the year
FY2008FY2014
Operating margin
14.7%
14.0% a year earlier
FY2008FY2014
Net income
$639 million
+33.2% on the year
FY2008FY2014
Diluted EPS
$2.80
+30.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
7,780
5,935
4,105
+31.1%
Operating income
1,147
828
349
+38.5%
Operating margin
14.7%
14.0%
8.5%
Interest expense
36.6
214
181
-82.9%
Pre-tax income
970
682
222
+42.2%
Income tax
341
177
-435
+92.7%
Effective tax rate
35.2%
26.0%
-195.9%
Net income
639
480
679
+33.2%
Net margin
8.2%
8.1%
16.5%
Diluted EPS
$2.80
$2.15
$3.11
+30.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
-788
-808
-425
Capital expenditure
22.6
9.4
n/a
+140.2%
Free cash flow
-811
-817
n/a
Free cash flow margin
-10.4%
-13.8%
n/a
Cash from investing
438
689
245
-36.4%
Cash from financing
661
-222
326
Depreciation and amortisation
38.5
30.3
28.1
+27.0%
Share-based compensation
40.7
33.7
31.7
+20.9%
Buybacks
20.4
12.3
17.1
+65.8%
Dividends paid
32.8
30.9
30.4
+6.0%
Diluted shares, weighted
228m
226m
219m
+1.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,827
4,169
3,415
+15.8%
Non-controlling interest
424
459
586
-7.5%
Debt
4,690
4,194
4,005
+11.8%
Other liabilities
2,982
2,418
2,356
+23.3%
Total liabilities and equity
12,923
11,240
10,362
+15.0%
Fixed assets
143
181
314
-21.1%
Goodwill
44.2
34.0
n/a
+30.0%
Intangible assets
0.0
0.0
0.0
Trading assets
0.0
0.0
0.0
Cash and equivalents
1,282
971
1,311
+32.1%
Other assets
11,454
10,054
8,738
+13.9%
Total assets
12,923
11,240
10,362
+15.0%
10-K for the year ended 30 November 2014, filed 23 January 2015: the filing.