Lennar remains financially stable during the Corona Virus period

Lennar's Storey Lake condominium.

Stuart Miller, Executive Chairman of Lennar

[mpc_quote preset="preset_0" layout="style_4" author_font_preset="mpc_preset_38" author_font_color="#5555" author_font_size="16" author_font_transform="uppercase" author_font_align="left" author="Stuart Miller" quote_font_preset="mpc_preset_1" quote_font_color="#8888" quote_font_size="18" quote_font_line_height="1.5" quote_font_align="left" icon="eti eti_quotations" icon_color="#efefef" icon_size="100" icon_opacity="100" border_divider="true" border_css="border-top:0px;border-right:0px;border-bottom:0px;border-left:10px;border-color:#1500fc;border-style:solid;" padding_divider="true" padding_css="padding-top:20px;padding-right:40px;padding-bottom:20px;padding-left:40px;" mpc_ribbon__disable="true"]He was an impact player and affected positively the hearts and minds of your Seattle team. Our leadership team immediately took action to make health and safety our priority. priority number one. [/mpc_quote]

The company, based in Miami, is the larger country's residential construction company and its new business practices due to the coronavirus may establish a standard for the sector. Lennar has hired Dr. Pascal Goldschmidt, former dean of the Miller School of Medicine at the University of Miami, as medical director. He will guide the efforts of the company in the safety, health and hygiene of its employees, clients and builders.

Miller said that Lennar maintains daily calls with the top leaders to discuss all aspects of the company and how they should be adjusted, both in security practices and in business.

To reduce personal contact, Lennar has changed much of the closing process onlinesaid Miller. Transfers of securities, mortgages and title insurance are being made through digital platforms. When paperwork is required, drive-thru appointments are scheduled. The new domestic orientation process is being conducted by videoconference.

Visits to sales centers are only with appointment and only one family can visit a house at a time. Similarly, Lennar has accelerated its digital marketing efforts with a focus on lead generation and sales consultants online.

Construction has not yet been halted in any of its markets across the country. Even in cities in lockdown, construction is considered a essential industry and can continue. Lennar didn't have an impact on the availability of construction labor or the supply of materials, Miller added. He also didn't see a slowdown in domestic purchases.

[mpc_quote preset="preset_0" layout="style_4" author_font_preset="mpc_preset_38" author_font_color="#5555" author_font_size="16" author_font_transform="uppercase" author_font_align="left" author="Stuart Miller" quote_font_preset="mpc_preset_1" quote_font_color="#8888" quote_font_size="18" quote_font_line_height="1.5" quote_font_align="left" icon="eti eti_quotations" icon_color="#efefef" icon_size="100" icon_opacity="100" border_divider="true" border_css="border-top:0px;border-right:0px;border-bottom:0px;border-left:10px;border-color:#2e00ff;border-style:solid;" padding_divider="true" padding_css="padding-top:20px;padding-right:40px;padding-bottom:20px;padding-left:40px;" mpc_ribbon__disable="true"]People still are buying housespeople are still closing their houses and Lennar is still is building houses.[/mpc_quote]

In the first two weeks of March, new applications rose 16%The closings continued on schedule and traffic at the residential sales centers was strong, Miller said. In recent days, traffic at its residential sales centers has slowed, but the people who have visited them are more interested in buying, he added.

"As the economy slows down, we expect fewer sales," said Miller.

Lennar is holding the line on prices. Unlike the Great Recession, this downturn was not caused by a financial crisis and housing construction, Miller pointed out. Instead, the domestic stock has been insufficiently supplied in most markets.

"Price is not the big issue," said Miller. "Our customers don't buy on price. They buy financed and, with low interest rates, the prices are good."

However, Lennar has put most of its land acquisitions on hold. It is looking to hold off on closing new land deals until the situation becomes clearer. Unlike during the Great Recession, Lennar does not have a large stock of land in its inventory, which is part of its strategy for avoid cost reduction, said Miller.

Lennar is also building fewer specific houses. The start of construction will follow the sales pacesaid Miller. If Lennar is forced to stop all sales, Miller said it would reduce its capital and construction spending, but would look to maintain its employees.

"The last thing we would consider is laying off or thinking about reducing our workforce," said Miller. "We are dedicated to supporting our people. That's our most important asset. valuable at the moment."

Lennar earned US$398.5 million in the quarter ended February 19, compared to US$239.9 million in the same period last year. Its revenues grew by 16%, to US$4.5 million, while housing deliveries jumped 17%to 10,321 homes. New applications went up 18%, rising to 12,376 homes.

"Our results for the first quarter reached and exceeded all expected metrics and we were on track to expand our guidance for the year," said Miller. "In the context of today's widespread shutdowns, we are choosing to suspend guidance as the world redefines and finds its way forward."

The company noted that there was US$785 million in cash and US$300 million in loans available as of February 29.

"We're looking at an economic pause," said Miller. "There will be an end to it. How we recover from there will be the question."

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