Lennar (LEN)

Lennar (LEN) held a conference call on Wednesday night to discuss results of the first fiscal quarter ending 2/29/2008. Here are highlights courtesy of Seeking Alpha:

Macro Comments

"In the context of market conditions they continue to be difficult and frankly continue to deteriorate."

"What is also beginning to become clear is that the rest of the economy has now followed suit and I believe has now slipped into recession. The deterioration that took place so quickly in the housing market last year now seems to be happening at the same rapid pace in the overall economy."

"Data points these days are all over the place and are prone to misinterpretation and second guessing with each new report. The only thing that seems clear is that regardless of what is reported in the news or by the economists, in the market, the grocery store, at the pumps and in the working world it just doesn’t feel good."

"I think the anomaly that we see in the market place generally, not just for us but for the new home market, is that new home prices are generally below existing home prices. The existing home market has not corrected as much as the new home market. That is a relative position that is going to right itself over time as the existing home market continues to adapt to market reality."

Financials

"Lennar’s net recourse JV exposure improved from $795 million at the end of 2007 to $668 million at the end of the first quarter."

"Sales incentives were $48,000 per home."

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