Lennar Profit Tops Estimates as Home Prices Increase
March 26, 2014 —
John Gittelsohn – BloombergLennar Corp. (LEN), the biggest U.S. homebuilder by market value, reported a fiscal first-quarter profit that beat analysts’ estimates as the company sold more homes at increased prices.
Net income climbed to $78.1 million, or 35 cents a share, in the three months through February, from $57.5 million, or 26 cents, a year earlier, the Miami-based company said in a statement today. Analysts expected earnings of 28 cents a share, the average of 17 estimates compiled by Bloomberg.
Publicly traded builders have been increasing prices to take advantage of a tight supply of new and existing homes while using their economies of scale to reduce costs and widen profit margins. Lennar’s profit, deliveries and orders grew even as inclement weather threatened home sales in much of the U.S. during the quarter, according to Drew Reading, a Bloomberg Industries analyst.
“Lennar followed KB Home (KBH) in reporting order trends indicating a strong start to the spring selling season,” Reading said in a note after the earnings were released.
Read the court decisionRead the full story...Reprinted courtesy of
John Gittelsohn, BloombergMr. Gittelson may be contacted at
johngitt@bloomberg.net
Sureties and Bond Producers May Be Liable For a Contractor’s False Claims Action Violation
October 26, 2017 —
Michael C. Zisa & Susan Elliot – Peckar & Abramson, P.C.Two recent decisions from the United States District Court for the District of Columbia and the United States Court of Federal Claims highlight that sureties and bond producers are not immune to the potentially severe consequences of the False Claims Act (“FCA”) and related federal fraud statutes. In each case, the Court determined that sureties and bond producers can face potential liability under these fraud statutes for direct and indirect submission of false claims to the federal government
Reprinted courtesy of
Michael C. Zisa, Peckar & Abramson, P.C. and
Susan Elliott, Peckar & Abramson, P.C.
Mr. Zisa may be contacted at mzisa@pecklaw.com
Ms. Elliott may be contacted at selliott@pecklaw.com
Read the court decisionRead the full story...Reprinted courtesy of
Blackouts Require a New Look at Backup Power
April 06, 2020 —
John McBride - Construction ExecutiveRecent blackouts on both East and West coasts are causing commercial property owners to reassess their need for backup power. The likelihood of more-frequent blackouts means backup power must evolve from ensuring the safe exit of office workers to enabling core business functions to continue uninterrupted. That’s a major shift in preparedness that construction executives should consider in future planning.
In New York City on July 13, 2019, a Con Edison blackout left 72,000 customers in Manhattan and Queens without power primarily because of a flawed connection at an electrical substation. Eight days later, a second Con Edison blackout left more than 50,000 customers, mostly in Brooklyn, without power due to high usage during a heat wave. These events occurred even though, as Con Edison stated, the New York City grid is one of the most complex and technologically advanced in the world and contains multiple layers of redundancy.
In northern and central California in late October, 2019, intentional blackouts were implemented by Pacific Gas and Electric (PG&E) on a massive scale in response to out-of-control wildfires. “Never before in California history have more than 2 million people gone five days without electrical power because of the intentional safety policy of a utility,” reported the Los Angeles Times. It was the second massive blackout in California in two weeks, after PG&E had earlier shut off power to almost 2 million people in rolling blackouts.
The blackouts on both coasts are remarkable not only for their breadth but for the range of causes—from limiting wildfires sparked in part by faulty, above-ground, power lines to a flawed connection at a substation to overuse during a heat wave. The conditions creating those causes are not likely to subside, and Con Edison warned this summer of more service outages to come. In California, The Washington Post writes, “blackouts are redefining the prosperous state.”
Reprinted courtesy of
John McBride, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.
Read the court decisionRead the full story...Reprinted courtesy of
U.S. Homebuilder Confidence Rises Most in Almost a Year
June 18, 2014 —
Shobhana Chandra – BloombergConfidence among U.S. homebuilders rose in June by the most in almost a year, a sign the residential real estate market is stabilizing after reeling from severe winter weather earlier this year.
The National Association of Home Builders/Wells Fargo sentiment gauge climbed to 49 this month from 45 in May, the biggest gain since July 2013, figures from the Washington-based group showed today. Readings greater than 50 mean more respondents report good market conditions. The median forecast in a Bloomberg survey called for 47.
Current sales, the outlook for future purchases and prospective buyer traffic all improved this month, today’s figures showed, indicating mortgage rates close to historically low levels and a strengthening job market are sustaining demand. Improving sentiment comes as the world’s largest economy picks up this quarter following a contraction in the first three months of 2014.
Read the court decisionRead the full story...Reprinted courtesy of
Shobhana Chandra – BloombergMs. Chandra may be contacted at
schandra1@bloomberg.net
The Benefits of Incorporating AI Into the Construction Lifecycle
December 23, 2024 —
Ian Warner - Construction ExecutiveInterest in artificial intelligence has been spreading like wildfire over the past few years. AI is not a new term for Trimble, which has been capturing and leveraging construction data for decades. From hardware to software, the field to the office or among stakeholders, harnessing and making meaning out of data is the crux of Trimble’s business. Generative AI is simply a new set of tools that provide a richer narrative around data, making it more insightful and actionable.
As a company that helps connect stakeholders across the entire construction lifecycle—design, construction and operations/ maintenance—AI has been woven in and leveraged across a number of Trimble solutions to help contractors do more with less, while also giving them greater decision-making power and the ability to focus on other key challenges.
While the use cases for AI are diverse and ever-changing, below are a few key areas where Trimble has doubled down on AI, with the goal of making contractors’ jobs less cumbersome and repetitive, safer and more capable of being upskilled—efforts which will only continue to grow in the coming years.
Reprinted courtesy of
Ian Warner, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.
Read the court decisionRead the full story...Reprinted courtesy of
So a Lawsuit Is on the Horizon…
August 10, 2021 —
Sean Donoghue - Construction ExecutiveAs certain as death and taxes, documents will need to be exchanged in the event of a lawsuit. Here is what to expect and a few tips for reducing costs and protecting the case.
What Needs to Be Produced?
Discovery is broad, but proportional to the needs (i.e., usually the dollar value) of the case. Cost reports, bid back up and scheduling information are often at the heart of damages issues in construction disputes. Thus, while it will depend on the nature of the dispute, these items will generally need to be produced.
It is no secret that electronically stored information (ESI) can be a big part of discovery in litigation, particularly in a document intensive industry like construction. In addition to electronically stored project files, expect that the inboxes of employees who are close to the dispute will need to be searched. How many will depend on the size of the dispute and the number of players involved. Hard-drives and text messages of those employees may also be discoverable.
Reprinted courtesy of
Sean Donoghue, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.
Read the court decisionRead the full story...Reprinted courtesy of
Mr. Donoghue may be contacted at
sdonoghue@eckertseamans.com
Ordinary Use of Term In Insurance Policy Prevailed
June 08, 2020 —
David Adelstein - Florida Construction Legal UpdatesThere are cases where you feel for the plaintiff, but understand why they did not prevail, despite the creative efforts of their counsel. The case of Robinson v. Liberty Mutual Ins. Co., 958 F.3d 1137 (11th Cir. 2020) is one of these cases.
In Robinson, the plaintiff moved into a home that turned out to be infested with a highly venomous spider. Efforts to eradicate the spider proved unsuccessful and the spider apparently infested the entire home. The plaintiff made a claim under their homeowner’s property insurance policy arguing that their home suffered a physical loss caused by the spider infestation as the spider presented an irreparable condition that rendered the home unsafe for occupancy. (It probably did!). The property insurer denied coverage because the policy had an insurance exclusion for loss caused by birds, vermin, rodents, or insects.
The insurer claimed the spider is an insect or vermin and, therefore, there is no coverage based on the exclusion. The insured creatively argued that “scientifically speaking” a spider is an arachnid and not an insect. Neither the trial court nor the Eleventh Circuit found this argument persuasive.
Read the court decisionRead the full story...Reprinted courtesy of
David Adelstein, Kirwin Norris, P.A.Mr. Adelstein may be contacted at
dma@kirwinnorris.com
Fourth Circuit Confirms Scope of “Witness Litigation Privilege”
November 21, 2018 —
Anthony B. Cavender - Gravel2GavelOn October 26, in the case of Day v. Johns Hopkins Health Sys. Corp., divided panel of the U.S. Court of Appeals for the Fourth Circuit affirmed the District Court’s ruling that the common law “Witness Litigation Privilege” protects an expert witness in a Black Lung Benefits Act benefits proceeding against civil claims that allege a federal RICO violation and Maryland state law claims for fraud, tortious interference, negligent misrepresentation and unjust enrichment attended the testimony of the expert witness.
Read the court decisionRead the full story...Reprinted courtesy of
Anthony B. Cavender, PillsburyMr. Cavender may be contacted at
anthony.cavender@pillsburylaw.com