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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.
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
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