Lennar Q2 2023 Earnings Report
Key Takeaways
Lennar Corporation reported second quarter net earnings of $872 million, or $3.01 per diluted share. The company saw an increase in home deliveries and new orders, but a decrease in average sales price. The homebuilding gross margin started to bounce back to 22.5%.
Net earnings per diluted share were $3.01 ($2.94, excluding mark-to-market gains on technology investments).
Total revenues reached $8.0 billion.
Deliveries of 17,074 homes were completed.
New orders of 17,885 homes were placed, with a dollar value of $8.2 billion.
Lennar
Lennar
Lennar Revenue by Segment
Forward Guidance
Looking ahead to the third quarter, Lennar expects to deliver between 17,750 to 18,250 homes with a gross margin between 23.5% to 24.0%. For the full year 2023, the company expects to deliver between 68,000 to 70,000 homes.
Positive Outlook
- Deliver between 17,750 to 18,250 homes in Q3 2023.
- Gross margin between 23.5% to 24.0% in Q3 2023.
- Deliver between 68,000 to 70,000 homes for the full year 2023.
- S,G&A as a % of Home Sales of 6.7% - 6.8%.
- Financial Services Operating Earnings of $100 million - $105 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income