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Aug 31, 2023
Lennar Q3 2023 Earnings Report
Lennar reported third quarter results with increased deliveries and new orders.
Key Takeaways
Lennar Corporation reported a net earnings of $1.1 billion, or $3.87 per diluted share, for the third quarter of 2023. Deliveries increased by 8% to 18,559 homes, and new orders rose by 37% to 19,666 homes. The company's homebuilding gross margin was 24.4%, and it ended the quarter with $3.9 billion in homebuilding cash and cash equivalents.
Net earnings per diluted share were $3.87, or $3.91 excluding mark-to-market losses on technology investments.
Deliveries increased 8% to 18,559 homes.
New orders increased 37% to 19,666 homes.
Homebuilding debt to total capital was 11.5%, the lowest in company history.
Lennar
Lennar
Lennar Revenue by Segment
Revenue by Segment
Homebuilding Revenue
CapyFin.comFinancial Services Revenue
CapyFin.comMultifamily Revenue
CapyFin.comLennar Other Revenue
CapyFin.com Forward Guidance
For the fourth quarter of 2023, Lennar expects to deliver between 21,500 to 22,500 homes with a gross margin between 24.4% to 24.6%.
Positive Outlook
- Deliver between 21,500 to 22,500 homes
- Gross margin between 24.4% to 24.6%
- S,G&A as a % of Home Sales 6.7% - 6.9%
- Financial Services Operating Earnings $130 million - $135 million
- Continue to fortify balance sheet with significant liquidity
Revenue & Expenses
Visualization of income flow from segment revenue to net income