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Nov 30, 2022
Lennar Q4 2022 Earnings Report
Lennar's Q4 2022 earnings were reported, showcasing growth in net earnings and home deliveries, offset by a decrease in new orders.
Key Takeaways
Lennar reported strong Q4 2022 results with a 21% increase in total revenues to $10.2 billion and a 16% increase in net earnings per diluted share to $4.55. Home deliveries rose by 13% to 20,064 homes. However, new orders decreased by 15% to 13,200 homes, and the backlog also saw a decline.
Net earnings per diluted share increased 16% to $4.55.
Total revenues increased 21% to $10.2 billion.
Home deliveries increased 13% to 20,064 homes.
New orders decreased 15% to 13,200 homes.
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.comRevenue by Geographic Location
East Revenue
CapyFin.comCentral Revenue
CapyFin.comTexas Revenue
CapyFin.comWest Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
For the first quarter of 2023, Lennar anticipates deliveries to be in the range of 12,000 to 13,500 homes with a gross margin of about 21%. For the full year 2023, the company expects deliveries to be between 60,000 and 65,000 homes.
Positive Outlook
- Deliveries for Q1 2023 are expected to be between 12,000 and 13,500 homes.
- Gross margin for Q1 2023 is expected to be approximately 21%.
- Full year 2023 deliveries are projected to be between 60,000 and 65,000 homes.
- The company maintains a strong balance sheet with significant liquidity.
- Lennar is positioned to outperform in uncertain market conditions.
Challenges Ahead
- Interest rates are expected to continue fluctuating.
- The housing market will continue to rebalance pricing and interest rates.
- New orders in Q4 2022 were down 15% year-over-year.
- Cancellation rate increased to 26% compared to 12% last year.
- Sales volume and pricing have been impacted by rising interest rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income