Lennar Reports Third Quarter 2024 Results
Lennar (NYSE: LEN and LEN.B) reported strong third quarter 2024 results, with net earnings increasing 5% to $1.2 billion. Earnings per diluted share rose 10% to $4.26, or $3.90 excluding mark-to-market gains and one-time items. Key highlights include:
- New orders increased 5% to 20,587 homes
- Deliveries increased 16% to 21,516 homes
- Total revenues of $9.4 billion
- Homebuilding operating earnings of $1.5 billion
- Gross margin on home sales of 22.5%
- S,G&A expenses as a % of revenues from home sales of 6.7%
The company maintains a strong financial position with $4.0 billion in homebuilding cash and cash equivalents, and no outstanding borrowings under its $2.2 billion revolving credit facility. Lennar repurchased 3.4 million shares for $519 million during the quarter.
Lennar (NYSE: LEN e LEN.B) ha riportato risultati solidi per il terzo trimestre del 2024, con un aumento degli utili netti del 5% a 1,2 miliardi di dollari. Gli utili per azione diluiti sono aumentati del 10% a 4,26 dollari, o 3,90 dollari escludendo i guadagni da fair value e gli elementi una tantum. I punti salienti includono:
- Nuovi ordini aumentati del 5% a 20.587 abitazioni
- Consegne aumentate del 16% a 21.516 abitazioni
- Ricavi totali di 9,4 miliardi di dollari
- Utili operativi nel settore costruzione di abitazioni di 1,5 miliardi di dollari
- Margine lordo sulle vendite di abitazioni del 22,5%
- Spese S,G&A come % dei ricavi derivanti dalle vendite di abitazioni del 6,7%
L'azienda mantiene una posizione finanziaria solida con 4,0 miliardi di dollari in contante e equivalenti legati alla costruzione di abitazioni, e senza prestiti in corso nell'ambito della sua linea di credito rotativa di 2,2 miliardi di dollari. Lennar ha riacquistato 3,4 milioni di azioni per 519 milioni di dollari nel corso del trimestre.
Lennar (NYSE: LEN y LEN.B) informó resultados sólidos para el tercer trimestre de 2024, con ganancias netas aumentando un 5% a 1.2 mil millones de dólares. Las ganancias por acción diluida subieron un 10% a 4.26 dólares, o 3.90 dólares excluyendo las ganancias por evaluación de mercado y partidas extraordinarias. Los puntos destacados incluyen:
- Nuevos pedidos aumentaron un 5% a 20,587 viviendas
- Entregas aumentaron un 16% a 21,516 viviendas
- Ingresos totales de 9.4 mil millones de dólares
- Ganancias operativas en construcción de viviendas de 1.5 mil millones de dólares
- Margen bruto en ventas de viviendas del 22.5%
- Gastos S,G&A como % de los ingresos por ventas de viviendas del 6.7%
La compañía mantiene una posición financiera sólida con 4.0 mil millones de dólares en efectivo y equivalentes en la construcción de viviendas, y sin préstamos pendientes bajo su línea de crédito revolvente de 2.2 mil millones de dólares. Lennar recompró 3.4 millones de acciones por 519 millones de dólares durante el trimestre.
레너 (NYSE: LEN 및 LEN.B)는 2024년 3분기 강력한 실적을 보고했으며, 순이익이 5% 증가하여 12억 달러에 이릅니다. 희석 주당 수익은 10% 증가하여 4.26달러로, 시장 평가 손익 및 일회성 항목을 제외하면 3.90달러입니다. 주요 하이라이트는 다음과 같습니다:
- 신규 주문이 5% 증가하여 20,587채
- 인도가 16% 증가하여 21,516채
- 총 수익이 94억 달러
- 주택 건설 운영 이익이 15억 달러
- 주택 판매의 총 마진이 22.5%
- 주택 판매 수익 대비 S,G&A 비용 비율이 6.7%
회사는 주택 건설을 위한 현금 및 현금 등가물로 40억 달러를 보유하고 있으며, 22억 달러의 회전 신용 한도 아래 미지급 대출이 없습니다. 레너는 이번 분기 동안 3.4백만 주식을 5억 1,900만 달러에 재매입했습니다.
Lennar (NYSE: LEN et LEN.B) a rapporté des résultats solides pour le troisième trimestre 2024, avec un bénéfice net en hausse de 5 % à 1,2 milliard de dollars. Le bénéfice par action dilué a augmenté de 10 % pour atteindre 4,26 dollars, ou 3,90 dollars en excluant les gains à la juste valeur et les éléments uniques. Les points clés incluent :
- Les nouvelles commandes ont augmenté de 5 % pour atteindre 20 587 maisons
- Les livraisons ont augmenté de 16 % pour atteindre 21 516 maisons
- Chiffre d'affaires total de 9,4 milliards de dollars
- Bénéfice opérationnel de 1,5 milliard de dollars dans la construction de maisons
- Marge brute sur les ventes de maisons de 22,5 %
- Dépenses S,G&A en % des revenus des ventes de maisons de 6,7 %
L'entreprise maintient une solide position financière avec 4,0 milliards de dollars en espèces et équivalents dans la construction de maisons, et aucune dette en cours dans le cadre de sa ligne de crédit renouvelable de 2,2 milliards de dollars. Lennar a racheté 3,4 millions d'actions pour 519 millions de dollars au cours du trimestre.
Lennar (NYSE: LEN und LEN.B) hat für das dritte Quartal 2024 starke Resultate berichtet, mit einem Anstieg des Nettogewinns um 5% auf 1,2 Milliarden Dollar. Der Gewinn pro verwässerter Aktie stieg um 10% auf 4,26 Dollar, bzw. 3,90 Dollar ohne Berücksichtigung von Marktwertgewinnen und einmaligen Posten. Zu den wichtigsten Highlights gehören:
- Neuaufträge stiegen um 5% auf 20.587 Häuser
- Lieferungen stiegen um 16% auf 21.516 Häuser
- Gesamter Umsatz von 9,4 Milliarden Dollar
- Operative Gewinne im Wohnungsbau von 1,5 Milliarden Dollar
- Bruttomarge bei Wohnungsverkäufen von 22,5%
- S,G&A-Aufwendungen als % des Umsatzes aus Wohnungsverkäufen von 6,7%
Das Unternehmen hält eine starke Finanzlage mit 4,0 Milliarden Dollar in Bargeld und liquiden Mitteln im Wohnungsbau und hat keine ausstehenden Darlehen im Rahmen seiner revolvierenden Kreditfazilität von 2,2 Milliarden Dollar. Lennar hat im Quartal 3,4 Millionen Aktien für 519 Millionen Dollar zurückgekauft.
- Net earnings increased 5% to $1.2 billion
- Earnings per diluted share rose 10% to $4.26
- New orders increased 5% to 20,587 homes
- Deliveries increased 16% to 21,516 homes
- Total revenues of $9.4 billion
- Homebuilding operating earnings of $1.5 billion
- S,G&A expenses as a % of revenues from home sales improved to 6.7%
- $4.0 billion in homebuilding cash and cash equivalents
- No outstanding borrowings under $2.2 billion revolving credit facility
- Repurchased 3.4 million shares for $519 million
- Gross margin on home sales decreased to 22.5% from 24.4% year-over-year
- Average sales price of homes delivered decreased 6% to $422,000
- Financial Services operating earnings decreased to $144 million from $148 million year-over-year
Insights
Lennar's Q3 2024 results demonstrate solid performance in a challenging market. The
The company's focus on operational efficiency is evident in the improved SG&A ratio of
The strong balance sheet, with
The housing market remains resilient despite affordability challenges. Lennar's
The recent Fed rate decrease could be a significant catalyst for the housing sector. Lower rates may improve affordability and potentially boost demand for both new and existing homes. This could lead to a broader and stronger demand cycle in the coming quarters.
Lennar's focus on digital marketing and dynamic pricing allows for agile response to market changes. The company's even flow operating model and reduced cycle times (down
Lennar's integration of technology is yielding tangible benefits. The company's digital marketing and dynamic pricing models are enabling better alignment of sales and production paces. This tech-driven approach likely contributes to the improved inventory turn of 1.6 times, reflecting enhanced operational efficiency.
The reduction in cycle time to 140 days, a
Lennar's investments in technology startups, while showing volatility with
Third Quarter 2024 Highlights - comparisons to the prior year quarter
- Net earnings per diluted share increased
10% to$4.26 $3.90
- Net earnings increased
5% to$1.2 billion - New orders increased
5% to 20,587 homes - Backlog of 16,944 homes with a dollar value of
$7.7 billion - Deliveries increased
16% to 21,516 homes - Total revenues of
$9.4 billion - Homebuilding operating earnings of
$1.5 billion - Gross margin on home sales of
22.5% - S,G&A expenses as a % of revenues from home sales of
6.7% - Net margin on home sales of
15.8%
- Gross margin on home sales of
- Financial Services operating earnings of
$144 million - Multifamily operating earnings of
$79 million - Lennar Other operating earnings of
$20 million - Homebuilding cash and cash equivalents of
$4.0 billion - Years supply of owned homesites of 1.1 years and controlled homesites of
81% - No outstanding borrowings under the Company's
$2.2 billion - Homebuilding debt to total capital of
7.6% - Repurchased 3.4 million shares of Lennar common stock for
$519 million
Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "We are pleased to report another solid quarter backed by an economic environment that remains very constructive for homebuilders. Employment was strong, housing supply remained chronically short due to production deficits of over a decade, and demand was solid driven by strong household formation. Although affordability continued to be tested during the quarter, purchasers remained responsive to increased sales incentives, resulting in a
"This week, the Fed decreased interest rates which should start to enhance affordability and accelerate the already strong demand for both new and existing homes. While strong demand, enabled by incentives and mortgage rate buydowns, has driven the new home market over the past two years, we fully expect an even stronger, and more broad-based demand cycle, as rates move lower. Lower rates and controlled inflation will likely boost confidence."
"Against this backdrop, earnings were
"Driven by this quarter's strong operating performance, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased
Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, "Operationally, our starts pace and sales pace were 5.4 homes and 5.5 homes per community in the third quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 140 days, or
"During the quarter, we continued the migration to our land light strategy. This was evidenced by our years supply of owned homesites improving to 1.1 years from 1.5 years last year and our controlled homesite percentage increasing to
Mr. Miller concluded, "We continue to remain enthusiastic about our current execution and our future. We have remained focused on our operating strategies, while at the same time being observant of current economic and market trends. As we look ahead to our fourth quarter, we expect to deliver between 22,500 and 23,000 homes with a gross margin flat with our third quarter. We will continue to fortify our balance sheet with significant liquidity and operate from a position of strength, thus enabling us to continue to execute on our core strategies to drive strong cash flow and higher returns."
RESULTS OF OPERATIONS
THREE MONTHS ENDED AUGUST 31, 2024 COMPARED TO
THREE MONTHS ENDED AUGUST 31, 2023
Homebuilding
Revenues from home sales increased
Gross margins on home sales were
Selling, general and administrative expenses were
Financial Services
Operating earnings for the Financial Services segment were
Ancillary Businesses
Operating earnings for the Multifamily segment were
Tax Rate
In the third quarter of 2024 and 2023, the Company had tax provisions of
Share Repurchases
In the third quarter of 2024, the Company repurchased 3.4 million shares of its common stock for
Liquidity
At August 31, 2024, the Company had
Guidance
The following are the Company's expected results of its homebuilding and financial services activities for the fourth quarter of 2024:
New Orders | 19,000 - 19,300 |
Deliveries | 22,500 - 23,000 |
Average Sales Price | About |
Gross Margin % on Home Sales | Flat with Q3 |
S,G&A as a % of Home Sales | |
Financial Services Operating Earnings |
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout
Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land light strategy, and our planned spin-off; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; possible unfavorable results in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business, and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed on January 26, 2024, as amended by our Annual Report on Form 10-K/A filed on April 25, 2024 and Quarterly Reports on Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
A conference call to discuss the Company's third quarter earnings will be held at 11:00 a.m. Eastern Time on Friday, September 20, 2024. The call will be broadcast live on the Internet and can be accessed through the Company's website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-3829 and entering 5723593 as the confirmation number.
LENNAR CORPORATION AND SUBSIDIARIES Selected Revenues and Operating Information (In thousands, except per share amounts) (unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
August 31, | August 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Homebuilding | $ 9,045,692 | 8,318,615 | 24,357,742 | 22,144,937 | |||
Financial Services | 273,270 | 266,206 | 804,713 | 672,166 | |||
Multifamily | 93,443 | 137,394 | 322,620 | 432,661 | |||
Lennar Other | 3,637 | 7,388 | 9,489 | 15,419 | |||
Total revenues | $ 9,416,042 | 8,729,603 | 25,494,564 | 23,265,183 | |||
Homebuilding operating earnings | $ 1,477,918 | 1,493,820 | 3,846,869 | 3,615,068 | |||
Financial Services operating earnings | 144,400 | 148,995 | 422,708 | 340,331 | |||
Multifamily operating earnings (loss) | 78,908 | (8,733) | 42,795 | (38,496) | |||
Lennar Other operating earnings (loss) | 20,095 | (26,218) | (48,417) | (84,374) | |||
Corporate general and administrative expenses | (164,672) | (114,144) | (478,975) | (365,002) | |||
Charitable foundation contribution | (21,516) | (18,559) | (58,004) | (49,292) | |||
Earnings before income taxes | 1,535,133 | 1,475,161 | 3,726,976 | 3,418,235 | |||
Provision for income taxes | (347,859) | (358,209) | (859,195) | (824,233) | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 1,187,274 | 1,116,952 | 2,867,781 | 2,594,002 | |||
Less: Net earnings attributable to noncontrolling interests | 24,600 | 7,956 | 31,462 | 16,778 | |||
Net earnings attributable to Lennar | $ 1,162,674 | 1,108,996 | 2,836,319 | 2,577,224 | |||
Basic and diluted average shares outstanding | 270,164 | 282,854 | 273,604 | 284,612 | |||
Basic and diluted earnings per share | $ 4.26 | 3.87 | 10.26 | 8.94 | |||
Supplemental information: | |||||||
Interest incurred (1) | $ 29,781 | 46,924 | 100,056 | 146,206 | |||
EBIT (2): | |||||||
Net earnings attributable to Lennar | $ 1,162,674 | 1,108,996 | 2,836,319 | 2,577,224 | |||
Provision for income taxes | 347,859 | 358,209 | 859,195 | 824,233 | |||
Interest expense included in: | |||||||
Costs of homes sold | 39,021 | 60,415 | 121,335 | 171,012 | |||
Costs of land sold | 59 | 386 | 345 | 1,433 | |||
Homebuilding other income (expense), net | 4,704 | 3,576 | 14,298 | 10,908 | |||
Total interest expense | 43,784 | 64,377 | 135,978 | 183,353 | |||
EBIT | $ 1,554,317 | 1,531,582 | 3,831,492 | 3,584,810 | |||
(1) | Amount represents interest incurred related to homebuilding debt. |
(2) | EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures. |
LENNAR CORPORATION AND SUBSIDIARIES Segment Information (In thousands) (unaudited)
| |||||||
Three Months Ended | Nine Months Ended | ||||||
August 31, | August 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Homebuilding revenues: | |||||||
Sales of homes | $ 9,017,627 | 8,285,873 | 24,277,158 | 22,016,279 | |||
Sales of land | 19,466 | 20,430 | 53,816 | 46,462 | |||
Other homebuilding | 8,599 | 12,312 | 26,768 | 82,196 | |||
Total homebuilding revenues | 9,045,692 | 8,318,615 | 24,357,742 | 22,144,937 | |||
Homebuilding costs and expenses: | |||||||
Costs of homes sold | 6,989,603 | 6,261,578 | 18,855,087 | 16,980,746 | |||
Costs of land sold | 22,720 | 18,720 | 43,640 | 52,729 | |||
Selling, general and administrative | 600,719 | 582,765 | 1,798,306 | 1,543,259 | |||
Total homebuilding costs and expenses | 7,613,042 | 6,863,063 | 20,697,033 | 18,576,734 | |||
Homebuilding net margins | 1,432,650 | 1,455,552 | 3,660,709 | 3,568,203 | |||
Homebuilding equity in earnings (loss) from unconsolidated entities | 25,220 | (4,016) | 54,038 | (13,109) | |||
Homebuilding other income, net | 20,048 | 42,284 | 132,122 | 59,974 | |||
Homebuilding operating earnings | $ 1,477,918 | 1,493,820 | 3,846,869 | 3,615,068 | |||
Financial Services revenues | $ 273,270 | 266,206 | 804,713 | 672,166 | |||
Financial Services costs and expenses | 128,870 | 117,211 | 382,005 | 331,835 | |||
Financial Services operating earnings | $ 144,400 | 148,995 | 422,708 | 340,331 | |||
Multifamily revenues | $ 93,443 | 137,394 | 322,620 | 432,661 | |||
Multifamily costs and expenses | 184,708 | 139,759 | 419,580 | 443,069 | |||
Multifamily equity in earnings (loss) from unconsolidated entities and other income (expense), net | 170,173 | (6,368) | 139,755 | (28,088) | |||
Multifamily operating earnings (loss) | $ 78,908 | (8,733) | 42,795 | (38,496) | |||
Lennar Other revenues | $ 3,637 | 7,388 | 9,489 | 15,419 | |||
Lennar Other costs and expenses | 17,176 | 6,155 | 53,105 | 19,426 | |||
Lennar Other equity in earnings (loss) from unconsolidated entities and other | (5,489) | (11,738) | (17,273) | (66,197) | |||
Lennar Other unrealized gains (losses) from technology investments (1) | 39,123 | (15,713) | 12,472 | (14,170) | |||
Lennar Other operating earnings (loss) | $ 20,095 | (26,218) | (48,417) | (84,374) | |||
(1) The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on technology investments: | |||||||
Three Months Ended | Nine Months Ended | ||||||
August 31, | August 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Blend Labs (BLND) | $ 2,270 | 386 | 5,921 | (360) | |||
Hippo (HIPO) | 6,609 | (17,166) | 33,795 | (14,933) | |||
Opendoor (OPEN) | (564) | 23,638 | (16,156) | 38,459 | |||
SmartRent (SMRT) | (5,634) | (1,707) | (12,206) | 8,219 | |||
Sonder (SOND) | 71 | (91) | 82 | (549) | |||
Sunnova (NOVA) | 36,371 | (20,773) | 1,036 | (45,006) | |||
$ 39,123 | (15,713) | 12,472 | (14,170) | ||||
LENNAR CORPORATION AND SUBSIDIARIES | |||||||||||
Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in: | |||||||||||
East: | |||||||||||
Three Months Ended August 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||
Deliveries: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 5,479 | 5,072 | $ 2,171,425 | 2,211,629 | $ 396,000 | 436,000 | |||||
Central | 5,301 | 4,340 | 2,138,813 | 1,816,970 | 403,000 | 419,000 | |||||
5,067 | 4,102 | 1,283,781 | 1,174,859 | 253,000 | 286,000 | ||||||
West | 5,663 | 5,036 | 3,470,255 | 3,108,783 | 613,000 | 617,000 | |||||
Other | 6 | 9 | 3,225 | 6,258 | 538,000 | 695,000 | |||||
Total | 21,516 | 18,559 | $ 9,067,499 | 8,318,499 | $ 422,000 | 448,000 | |||||
Of the total homes delivered listed above, 124 homes with a dollar value of | |||||||||||||||
At August 31, | Three Months Ended August 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||
New Orders: | Active Communities | Homes | Dollar Value | Average Sales Price | |||||||||||
East | 315 | 327 | 4,888 | 5,132 | $ 1,966,782 | 2,158,921 | $ 402,000 | 421,000 | |||||||
Central | 343 | 312 | 5,158 | 4,650 | 2,030,572 | 1,909,196 | 394,000 | 411,000 | |||||||
245 | 235 | 5,217 | 4,730 | 1,307,688 | 1,302,268 | 251,000 | 275,000 | ||||||||
West | 378 | 375 | 5,317 | 5,140 | 3,254,573 | 3,261,380 | 612,000 | 635,000 | |||||||
Other | 2 | 4 | 7 | 14 | 2,444 | 7,877 | 349,000 | 563,000 | |||||||
Total | 1,283 | 1,253 | 20,587 | 19,666 | $ 8,562,059 | 8,639,642 | $ 416,000 | 439,000 | |||||||
Of the total homes listed above, 114 homes with a dollar value of | |||||||||||
For the Nine Months Ended August 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||
Deliveries: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 15,732 | 13,820 | $ 6,344,164 | 6,069,961 | $ 403,000 | 439,000 | |||||
Central | 13,049 | 10,779 | 5,240,508 | 4,621,552 | 402,000 | 429,000 | |||||
13,999 | 11,431 | 3,548,464 | 3,329,349 | 253,000 | 291,000 | ||||||
West | 15,193 | 13,243 | 9,255,650 | 8,075,810 | 609,000 | 610,000 | |||||
Other | 31 | 19 | 16,385 | 14,824 | 529,000 | 780,000 | |||||
Total | 58,004 | 49,292 | 22,111,496 | $ 421,000 | 448,000 | ||||||
Of the total homes delivered listed above, 271 homes with a dollar value of | |||||||||||
For the Nine Months Ended August 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||
New Orders: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 14,414 | 13,995 | $ 5,898,262 | 5,999,802 | $ 409,000 | 429,000 | |||||
Central | 14,764 | 11,471 | 5,893,358 | 4,786,293 | 399,000 | 417,000 | |||||
14,861 | 11,604 | 3,760,078 | 3,261,481 | 253,000 | 281,000 | ||||||
West | 15,979 | 14,650 | 9,929,956 | 9,159,865 | 621,000 | 625,000 | |||||
Other | 38 | 25 | 17,663 | 17,106 | 465,000 | 684,000 | |||||
Total | 60,056 | 51,745 | $ 25,499,317 | 23,224,547 | $ 425,000 | 449,000 | |||||
Of the total new orders listed above, 234 homes with a dollar value of | |||||||||||
At August 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||
Backlog: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 5,262 | 8,336 | $ 2,268,969 | 3,512,548 | $ 431,000 | 421,000 | |||||
Central | 4,878 | 5,261 | 2,028,466 | 2,257,788 | 416,000 | 429,000 | |||||
2,757 | 2,870 | 694,104 | 769,216 | 252,000 | 268,000 | ||||||
West | 4,037 | 4,847 | 2,753,198 | 3,310,533 | 682,000 | 683,000 | |||||
Other | 10 | 7 | 2,805 | 3,446 | 280,000 | 492,000 | |||||
Total | 16,944 | 21,321 | $ 7,747,542 | 9,853,531 | $ 457,000 | 462,000 | |||||
Of the total homes in backlog listed above, 110 homes with a backlog dollar value of | |||
LENNAR CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (unaudited) | |||
August 31, 2024 | November 30, 2023 | ||
ASSETS | |||
Homebuilding: | |||
Cash and cash equivalents | $ 4,037,405 | 6,273,724 | |
Restricted cash | 12,600 | 13,481 | |
Receivables, net | 995,417 | 887,992 | |
Inventories: | |||
Finished homes and construction in progress | 11,373,606 | 10,455,666 | |
Land and land under development | 4,872,341 | 4,904,541 | |
Inventory owned | 16,245,947 | 15,360,207 | |
Consolidated inventory not owned | 3,842,592 | 2,992,528 | |
Inventory owned and consolidated inventory not owned | 20,088,539 | 18,352,735 | |
Deposits and pre-acquisition costs on real estate | 2,980,035 | 2,002,154 | |
Investments in unconsolidated entities | 1,309,622 | 1,143,909 | |
Goodwill | 3,442,359 | 3,442,359 | |
Other assets | 1,616,314 | 1,512,038 | |
34,482,291 | 33,628,392 | ||
Financial Services | 3,093,873 | 3,566,546 | |
Multifamily | 1,310,555 | 1,381,513 | |
Lennar Other | 854,263 | 657,852 | |
Total assets | $ 39,740,982 | 39,234,303 | |
LIABILITIES AND EQUITY | |||
Homebuilding: | |||
Accounts payable | $ 1,788,117 | 1,631,401 | |
Liabilities related to consolidated inventory not owned | 3,343,871 | 2,540,894 | |
Senior notes and other debts payable, net | 2,263,256 | 2,816,482 | |
Other liabilities | 2,727,342 | 2,739,217 | |
10,122,586 | 9,727,994 | ||
Financial Services | 1,759,821 | 2,447,039 | |
Multifamily | 195,327 | 278,177 | |
Lennar Other | 105,540 | 79,127 | |
Total liabilities | 12,183,274 | 12,532,337 | |
Stockholders' equity: | |||
Preferred stock | — | — | |
Class A common stock of | 25,998 | 25,848 | |
Class B common stock of | 3,660 | 3,660 | |
Additional paid-in capital | 5,706,711 | 5,570,009 | |
Retained earnings | 24,791,519 | 22,369,368 | |
Treasury stock | (3,122,408) | (1,393,100) | |
Accumulated other comprehensive income | 7,040 | 4,879 | |
Total stockholders' equity | 27,412,520 | 26,580,664 | |
Noncontrolling interests | 145,188 | 121,302 | |
Total equity | 27,557,708 | 26,701,966 | |
Total liabilities and equity | $ 39,740,982 | 39,234,303 | |
LENNAR CORPORATION AND SUBSIDIARIES Supplemental Data (Dollars in thousands) (unaudited) | |||||
August 31, 2024 | November 30, 2023 | August 31, 2023 | |||
Homebuilding debt | $ 2,263,256 | 2,816,482 | 3,320,119 | ||
Stockholders' equity | 27,412,520 | 26,580,664 | 25,656,619 | ||
Total capital | $ 29,675,776 | 29,397,146 | 28,976,738 | ||
Homebuilding debt to total capital | 7.6 % | 9.6 % | 11.5 % | ||
Homebuilding debt | $ 2,263,256 | 2,816,482 | 3,320,119 | ||
Less: Homebuilding cash and cash equivalents | 4,037,405 | 6,273,724 | 3,887,809 | ||
Net homebuilding debt | $ (1,774,149) | (3,457,242) | (567,690) | ||
Net homebuilding debt to total capital (1) | (6.9) % | (15.0) % | (2.3) % | ||
(1) | Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results. |
Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
View original content:https://www.prnewswire.com/news-releases/lennar-reports-third-quarter-2024-results-302253675.html
SOURCE Lennar Corporation
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