Lennar Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2017; Provides Earnings Guidance for the Year 2018
For the year, the company's net earnings attributable to the company were $810,480,000, or $3.38 per diluted share, compared to $911,844,000, or $3.86 per diluted share, a year ago. Total revenues were $12,646,365,000 compared with $10,949,999,000 a year ago. Earnings before income taxes were $1,189,611,000 compared with $1,330,469,000 a year ago. EBIT was $1,506,146,000 compared with $1,574,283,000 a year ago.
For the year 2018, the company expects tax rate for 2018 to be approximately 25%, excluding the onetime $70 million noncash deferred tax asset charge. The company expects 2018 operating margins to match the 2017 level of 12.9%. The full year gross margin is expected to be approximately 22%.