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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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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