Lennar Q2 2022 Earnings Report
Key Takeaways
Lennar Corporation reported a strong second quarter with net earnings of $1.3 billion, or $4.49 per diluted share, compared to $831.4 million, or $2.65 per diluted share for the second quarter last year. Total revenues increased 30% to $8.4 billion. The company's homebuilding gross margin was 29.5% and S,G&A was 6.1%, leading to a 23.4% net margin.
Net earnings per diluted share increased 69% to $4.49.
Total revenues increased 30% to $8.4 billion.
Homebuilding gross margin improved 340 basis points to 29.5%.
Homebuilding S,G&A expenses as a % of revenues from home sales improved 150 bps to 6.1%.
Lennar
Lennar
Lennar Revenue by Segment
Forward Guidance
For the third quarter, Lennar expects deliveries between 17,000 to 18,500 homes and gross margins between 28.5% – 29.5%. For the full year, the company will leave delivery expectations at approximately 68,000 homes.
Positive Outlook
- Deliveries between 17,000 to 18,500 homes
- Gross margins between 28.5% – 29.5%
- Average Sales Price Slightly higher than Q2 2022
- S,G&A as a % of Home Sales 6.0% - 6.5%
- Financial Services Operating Earnings $70 million - $75 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income