UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Number: 1-11749 Lennar Corporation (Exact name of registrant as specified in its charter) Delaware 95-4337490 (State or ...

Financial Data and Key Metrics Changes - In Q1 2024, the company started 18,338 homes, sold 18,176 homes, and delivered 16,798 homes, with expectations for deliveries to be approximately 10% higher than last year at 80,000 homes [7][8] - The margin for the quarter was reported at 21.8%, with expectations for the next quarter to be around 22.5% and for the full year to be approximately 23.3% [8][9] - The company allocated over $500 million to repurchase 3.4 million shares, maintaining a homebuilding debt to total capital ratio of under 10% [9][24] Business Line Data and Key Metrics Changes - The financial services segment reported operating earnings of $131 million, with mortgage operating earnings increasing to $100 million from $59 million in the prior year due to higher lock volume and efficiencies [43][44] - Title operating earnings rose to $33 million from $23 million in the prior year, driven by higher volume and productivity [44] Market Data and Key Metrics Changes - The company reported a strong demand for housing, limited by a chronic housing shortage, particularly affecting working-class families [9][10] - Market share increased in several regions, with notable growth in the Carolinas, Midwest, and Florida, where the company maintained a 75% share in Miami [36][37] Company Strategy and Development Direction - The company is focused on a land-light strategy, aiming to reduce capital intensity and improve cash flow by purchasing homesites on a just-in-time basis [12][41] - The operational model emphasizes consistent starts to increase market share while maximizing efficiencies and reducing construction costs [12][39] - The company is also intensifying its focus on producing affordable housing to address the chronic housing shortage [17][18] Management's Comments on Operating Environment and Future Outlook - Management noted that while demand remains strong, affordability is being tested by higher interest rates and inflation, impacting mortgage qualifications [10][11] - The company is well-positioned to capitalize on pent-up demand if interest rates normalize, with a focus on maintaining production and increasing market share [29][30] Other Important Information - The company has a strong balance sheet with $5 billion in cash and no borrowings on its credit facility, providing significant liquidity [44][45] - A dividend increase to $2 per share was announced, along with an additional $5 billion stock repurchase authorization [24][48] Q&A Session Summary Question: Concerns about mortgage qualification issues - Management acknowledged that affordability is stretched and noted an increase in credit card and personal debt among customers, leading to some delinquencies [54][55] Question: Market tracking and margin guidance - Management confirmed strong demand and limited supply, with confidence in achieving margin levels despite potential interest rate fluctuations [58][60] Question: Clarification on new land strategy - Management clarified that the new land strategy involves a straightforward spin-off of operational land, distinct from previous multifamily assets, aimed at enhancing the land-light strategy [64][66] Question: Deployment of excess cash - Management indicated that while the need for holding cash has decreased, the focus is on returning capital to shareholders through stock buybacks and dividends [72][74]

Lennar Corporation (LEN) reported first-quarter fiscal 2024 results, wherein its earnings surpassed the Zacks Consensus Estimate but revenues missed the same. On a year-over-year basis, both the top and bottom lines increased, given the company’s emphasis on maintaining a steady production rate to drive sales momentum. Lennar strategically utilized pricing, incentives, marketing expenditure and dynamic pricing insights to ensure steady sales volume despite fluctuations in interest rates.However, the company ...

For the quarter ended February 2024, Lennar (LEN) reported revenue of $7.31 billion, up 12.7% over the same period last year. EPS came in at $2.57, compared to $2.12 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $7.44 billion, representing a surprise of -1.77%. The company delivered an EPS surprise of +16.29%, with the consensus EPS estimate being $2.21.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Lennar Corp (NYSE: LEN) is trading down in extended hours on Wednesday after reporting lower-than-expected revenue for its first financial quarter.Lennar’s guidance for its fiscal second quarterCopy link to sectionInvestors are concerned because the guidance did not particularly impress either. $LEN now expects to deliver up to 19,500 homes in the second quarter. New orders, it added, will fall between 20,900 and 21,300 in Q2. Stuart Miller – the co-chief executive of Lennar Corp said in a press release tod ...

Exhibit 99.1 Contact: Ian Frazer Investor Relations Lennar Corporation (305) 485-4129 FOR IMMEDIATE RELEASE Lennar Reports First Quarter 2024 Results First Quarter 2024 Highlights - comparisons to the prior year quarter • Net earnings per diluted share increased 25% to $2.57 • Net earnings increased 21% to $719 million • New orders increased 28% to 18,176 homes; new orders dollar value increased 21% to $7.7 billion • Backlog of 16,270 homes with a dollar value of $7.4 billion • Deliveries increased 23% to 1 ...

Have you been paying attention to shares of Lennar (LEN) ? Shares have been on the move with the stock up 3% over the past month. The stock hit a new 52-week high of $158.83 in the previous session. Lennar has gained 6.4% since the start of the year compared to the 9.1% move for the Zacks Construction sector and the 4.8% return for the Zacks Building Products - Home Builders industry.What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it hasn't missed our earnin ...

MIAMI, Feb. 29, 2024 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced today that the Company will release earnings for the first quarter ended February 29, 2024 after the market closes on March 13, 2024. Additionally, the Company will hold a conference call on March 14, 2024 at 11:00 a.m. Eastern Time. The call will be broadcast live on the Internet and can be accessed through Lennar's website at investors.lennar.com. If you are unable to particip ...

Lennar (LEN) ended the recent trading session at $154.13, demonstrating a -0.61% swing from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.38%. Meanwhile, the Dow lost 0.16%, and the Nasdaq, a tech-heavy index, lost 0.13%.Heading into today, shares of the homebuilder had gained 4.52% over the past month, lagging the Construction sector's gain of 8.53% and the S&P 500's gain of 4.74% in that time.The upcoming earnings release of Lennar will be of great interest to investors ...

Lennar (LEN) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Shares of this homebuilder have returned +4.7% over the past month versus the Zacks S&P 500 composite's +3.1% change. The Zacks Building Products - Home Builders industry, to which Lennar belongs, has lost 1.3% over this period. Now the key question is: Where could the stock be headed in the near term?Alt ...