Lennar provides Q3 new orders and deliveries, updates on recent storms
Lennar announced that in anticipation of speaking at an investor conference this week and in advance of its Q3 conference call, it is providing new orders and deliveries, as well as information on the impact from the recent storms. In an unprecedented occurrence, two back-to-back major hurricanes affected Lennar's communities in Texas, Florida, Georgia and South Carolina, which markets in total represent approximately 40% of the Company's annual homebuilding revenues. For the three months ended August 31, Lennar had 7,610 new orders and 7,598 deliveries including unconsolidated entities, which increased 8% and 12%, respectively, compared to the three months ended August 31, 2016. The first storm, Hurricane Harvey, impacted the Houston, San Antonio and Austin markets. Despite the record-setting rainfall and flooding, Lennar incurred no flood damage to its homes in any of its active communities. Today, all of its communities in the state of Texas are currently open for sale. However, Hurricane Harvey did impact approximately 120 new orders and deliveries in the third quarter. Hurricane Harvey is also expected to impact approximately 130 deliveries in the fourth quarter ending November 30, 2017. The second storm, Hurricane Irma, impacted all of our Florida markets as well as our Atlanta and Coastal Carolina markets. In as much as this storm has only recently passed, and based on a very preliminary assessment, Lennar believes there to be only minor damage to its communities from the storm. Although it's still early in the assessment process, the short-term impact of Hurricane Irma will most likely delay approximately 700 deliveries from the fourth quarter of 2017 into fiscal 2018.