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Aug 31, 2024
Lennar Q3 2024 Earnings Report
Lennar reported solid third quarter results, driven by a constructive economic environment for homebuilders.
Key Takeaways
Lennar reported a strong third quarter with increased net earnings, new orders, and deliveries. The company's performance was driven by solid demand and effective capital allocation, reinforcing its strong balance sheet and strategic land light focus.
Net earnings per diluted share increased 10% to $4.26.
New orders increased 5% to 20,587 homes, and deliveries increased 16% to 21,516 homes.
Homebuilding operating earnings totaled $1.5 billion with a net margin on home sales of 15.8%.
The company repurchased 3.4 million shares of Lennar common stock for $519 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the fourth quarter of 2024, Lennar expects to deliver between 22,500 and 23,000 homes, with a gross margin flat with the third quarter. The company also anticipates financial services operating earnings of $140 million and S,G&A as a % of Home Sales of 6.7% - 6.8%.
Positive Outlook
- Deliver between 22,500 and 23,000 homes
- Gross margin % on home sales flat with Q3
- S,G&A as a % of home sales 6.7% - 6.8%
- Financial Services operating earnings of $140 million
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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