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May 31, 2024
Lennar Q2 2024 Earnings Report
Lennar's Q2 2024 results were reported, demonstrating increased earnings and strong operating performance despite evolving market conditions.
Key Takeaways
Lennar reported a strong second quarter with increased net earnings, new orders, and deliveries. The company's focus on consistent production pace and strategic capital allocation contributed to a robust balance sheet and positive outlook.
Net earnings per diluted share increased by 15% to $3.45.
New orders rose by 19% to 21,293 homes, and deliveries increased by 15% to 19,690 homes.
Homebuilding gross margin was 22.6%, and the net margin on home sales reached 15.1%.
The company repurchased $603 million of common stock and repaid $554 million of senior notes, maintaining a strong liquidity position.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company's expected results of its homebuilding and financial services activities for the third quarter of 2024:
Positive Outlook
- Deliveries between 20,500 and 21,000 homes
- Gross Margin % on Home Sales about 23.0%
- S,G&A as a % of Home Sales 7.3% - 7.5%
- Financial Services Operating Earnings between $135 million - $140 million
- Focused on delivering 80,000 homes for the full year, with a margin that remains consistent with last year's margin
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
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