Lennar (LEN) FY2017 results: revenue $12.6 billion, up 15.5% on the year
Lennar Corp. (LEN) reported revenue of $12.6 billion for fiscal 2017, the year ended 30 November 2017, up 15.5% on the year before. Net income was $810 million, down 11.1%, and diluted earnings per share $3.38. The figures are the company's own, from the 10-K it filed with the SEC on 25 January 2018.
Revenue
$12.6 billion
+15.5% on the year
FY2010FY2017
Operating margin
11.7%
14.3% a year earlier
FY2010FY2017
Net income
$810 million
-11.1% on the year
FY2010FY2017
Diluted EPS
$3.38
-14.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
12,646
10,950
9,474
+15.5%
Operating income
1,476
1,563
1,426
-5.6%
Operating margin
11.7%
14.3%
15.1%
Interest expense
n/a
4.6
12.5
Pre-tax income
1,190
1,330
1,210
-10.6%
Income tax
418
417
390
+0.1%
Effective tax rate
35.1%
31.4%
32.3%
Net income
810
912
803
-11.1%
Net margin
6.4%
8.3%
8.5%
Diluted EPS
$3.38
$3.93
$3.46
-14.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
982
508
-420
+93.5%
Capital expenditure
112
76.4
91.4
+46.2%
Free cash flow
871
431
-511
+101.8%
Free cash flow margin
6.9%
3.9%
-5.4%
Cash from investing
-845
-85.8
-98.4
Cash from financing
1,194
-251
395
Depreciation and amortisation
66.3
50.2
43.7
+32.1%
Share-based compensation
61.4
55.5
43.9
+10.5%
Buybacks
27.1
19.9
23.2
+35.9%
Dividends paid
37.6
35.3
33.2
+6.5%
Diluted shares, weighted
237m
231m
231m
+2.8%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
7,872
7,026
5,649
+12.0%
Non-controlling interest
114
186
301
-38.7%
Debt
n/a
n/a
5,025
Other liabilities
10,759
8,150
3,444
+32.0%
Total liabilities and equity
18,745
15,362
14,420
+22.0%
Fixed assets
215
174
116
+23.9%
Trading assets
0.0
0.0
0.0
Cash and equivalents
2,651
1,330
1,158
+99.4%
Other assets
15,879
13,859
13,146
+14.6%
Total assets
18,745
15,362
14,420
+22.0%
10-K for the year ended 30 November 2017, filed 25 January 2018: the filing.