Lennar (LEN) FY2018 results: revenue $20.6 billion, up 62.7% on the year
Lennar Corp. (LEN) reported revenue of $20.6 billion for fiscal 2018, the year ended 30 November 2018, up 62.7% on the year before. Net income was $1.7 billion, up 109.2%, and diluted earnings per share $5.44. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2019.
Revenue
$20.6 billion
+62.7% on the year
FY2011FY2018
Operating margin
12.0%
11.7% a year earlier
FY2011FY2018
Net income
$1.7 billion
+109.2% on the year
FY2011FY2018
Diluted EPS
$5.44
+60.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
20,572
12,646
10,950
+62.7%
Operating income
2,463
1,476
1,563
+66.9%
Operating margin
12.0%
11.7%
14.3%
Interest expense
n/a
n/a
4.6
Pre-tax income
2,263
1,190
1,330
+90.2%
Income tax
545
418
417
+30.5%
Effective tax rate
24.1%
35.1%
31.4%
Net income
1,696
810
912
+109.2%
Net margin
8.2%
6.4%
8.3%
Diluted EPS
$5.44
$3.38
$3.93
+60.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,692
982
508
+72.2%
Capital expenditure
130
112
76.4
+16.7%
Free cash flow
1,561
871
431
+79.3%
Free cash flow margin
7.6%
6.9%
3.9%
Cash from investing
-594
-845
-85.8
Cash from financing
-2,196
1,194
-251
Depreciation and amortisation
91.2
66.3
50.2
+37.5%
Share-based compensation
72.7
61.4
55.5
+18.4%
Buybacks
300
27.1
19.9
+1,008.3%
Dividends paid
49.2
37.6
35.3
+30.7%
Diluted shares, weighted
309m
237m
231m
+30.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
14,582
7,872
7,026
+85.2%
Non-controlling interest
101
114
186
-10.9%
Other liabilities
13,883
10,759
8,150
+29.0%
Total liabilities and equity
28,566
18,745
15,362
+52.4%
Fixed assets
320
215
174
+48.7%
Trading assets
0.0
0.0
0.0
Cash and equivalents
1,558
2,651
1,330
-41.2%
Other assets
26,688
15,879
13,859
+68.1%
Total assets
28,566
18,745
15,362
+52.4%
10-K for the year ended 30 November 2018, filed 28 January 2019: the filing.