Lennar's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Lennar (LEN)

Q1 2012 Earnings Call

March 27, 2012 11:00 am ET

Executives

David M. Collins - Principal Accounting Officer and Controller

Stuart A. Miller - Chief Executive Officer, Director and Member of Executive Committee

Richard Beckwitt - President

Jonathan M. Jaffe - Chief Operating Officer and Vice President

Jeffrey P. Krasnoff - Former Chief Executive Officer, President, Director, Member of Executive Committee and Member of Stock Option Committee

Bruce E. Gross - Chief Financial Officer and Vice President

Analysts

Ivy Lynne Zelman - Zelman & Associates, Research Division

Stephen Kim - Barclays Capital, Research Division

Michael Rehaut - JP Morgan Chase & Co, Research Division

Stephen F. East - ISI Group Inc., Research Division

Robert C. Wetenhall - RBC Capital Markets, LLC, Research Division

David Goldberg - UBS Investment Bank, Research Division

Jade J. Rahmani - Keefe, Bruyette, & Woods, Inc., Research Division

Jack Micenko - Susquehanna Financial Group, LLLP, Research Division

Adam Rudiger - Wells Fargo Securities, LLC, Research Division

Megan McGrath - MKM Partners LLC, Research Division

Daniel Oppenheim - Crédit Suisse AG, Research Division

Presentation

Operator

Thank you for standing by, and welcome to Lennar's First Quarter Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the call over to Mr. David Collins for the reading of the forward-looking statement.

David M. Collins

Today's conference call may include forward-looking statements that are subject to risks and uncertainties relating to Lennar's future business and financial performance. These forward-looking statements may include statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies and prospects. Forward-looking statements represent only Lennar's estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause Lennar's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption Risk Factors contained in Lennar's annual report on Form 10-K most recently filed with the SEC. Please note that Lennar assumes no obligation to update any forward-looking statements.

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