Loading...
•
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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...