MIAMI, FL -- Lennar Corporation, one of the nation's largest homebuilders, reported results for its first quarter ended February 28, 2014. First quarter net earnings attributable to Lennar in 2014 were $78.1 million, which included a $45.9 million tax provision, compared to first quarter 2013 net earnings attributable to Lennar of $57.5 million, which included a $3.6 million tax benefit.
Stuart Miller, Chief Executive Officer of Lennar Corporation, said, "We are extremely pleased with our operating results in the first quarter. Despite harsh weather conditions that impacted sales and construction during the quarter in some of our markets, we were able to achieve healthy year over year increases in both new orders and deliveries. Additionally, an 18% increase in average sales price and continued momentum from our land acquisition strategy drove gross and operating margin increases by over 300 basis points to 25.1% and 13.2%, respectively, the highest first quarter gross and operating margin in the Company's history."
Mr. Miller continued, "Although it is still too early to predict the strength of the spring selling season, we are optimistic that the housing market is continuing to recover, and that the fundamental drivers of that recovery remain intact. We were encouraged with the progression in our first quarter as we saw sequential monthly improvement in both traffic and new orders. We believe that the housing market is still in the early stages of recovery and that our company is uniquely positioned to enhance absorption, increase market share and grow profitability."
Mr. Miller concluded, "While our homebuilding business remains the primary driver of our earnings growth, we are extremely well positioned across all of our platforms to capitalize on the opportunities of a recovering market."