Lennar Corporation (NYSE:LEN) Q2 2019 Earnings Conference Call Transcript

Jun 25, 2019 • 11:00 am ET

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Lennar Corporation (NYSE:LEN) Q2 2019 Earnings Conference Call Transcript

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Presentation
Executive
Diane Bessette

to be approximately 25.5% for the remainder of the year. The weighted average share count for Q3 should be approximately 321 million shares. And when you roll up all of those numbers, the guidance that we are expecting is an EPS range of $1.25 to $1.35.

And now let me update guidance for the full fiscal year 2019. With regard to deliveries, we expect to deliver between 50,500 and 51,000 homes. We believe our average sales price will be about $400,000. Our gross margin is still expected to be in the range of 20.5% to 21%. Our SG&A should be in the range of 8.3% to 8.4% as we continue to benefit from operating leverage. Financial Services earnings should be in the range of $200 million to $205 million. Our multifamily earnings should be in the range of $8 million to $10 million, and we expect corporate G&A to be in the range of 1.5% to 1.6% of total revenues. So in summary, we believe we're well positioned to have strong profitability and cash flow generation in 2019.

And now let me turn it over to the operator for questions.