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Feb 29, 2024
Lennar Q1 2024 Earnings Report
Lennar reported a strong first quarter in 2024, marked by increased earnings, new orders, and deliveries compared to the prior year quarter.
Key Takeaways
Lennar Corporation reported a strong first quarter in 2024, with net earnings increasing by 21% to $719 million and net earnings per diluted share rising by 25% to $2.57. The company saw a 28% increase in new orders and a 23% increase in home deliveries, driving a 13% increase in total revenues to $7.3 billion. Strong operating performance and strategic capital allocation contributed to a strengthened balance sheet.
Net earnings per diluted share increased 25% to $2.57.
New orders increased 28% to 18,176 homes.
Deliveries increased 23% to 16,798 homes.
Total revenues increased 13% to $7.3 billion.
Lennar
Lennar
Lennar Revenue by Segment
Lennar Revenue by Geographic Location
Revenue by Segment
Homebuilding Revenue
CapyFin.comFinancial Services Revenue
CapyFin.comMultifamily Revenue
CapyFin.comLennar Other Revenue
CapyFin.comSales of Homes Revenue
CapyFin.comTotal Sales of Land Revenue
CapyFin.comRevenue by Geographic Location
East Revenue
CapyFin.comCentral Revenue
CapyFin.comTexas Revenue
CapyFin.comWest Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
For the second quarter of 2024, Lennar expects to deliver between 19,000 and 19,500 homes with a gross margin of approximately 22.5%. The company remains focused on delivering 80,000 homes for the full year with a margin consistent with last year.
Positive Outlook
- Deliver between 19,000 and 19,500 homes
- Gross margin of approximately 22.5%.
- Deliver 80,000 homes for the full year
- Margin that remains consistent with last year’s margin.
- Continue to fortify balance sheet with significant liquidity
Revenue & Expenses
Visualization of income flow from segment revenue to net income