The homebuilder said home deliveries in Q3 could come in below estimatesShares of homebuilder Lennar Corp (NYSE:LEN) are down 2.2% at $153.10, despite the company beating fiscal second-quarter earnings and revenue estimates. Lennar reported year-over-year increases in home deliveries and new orders, but expects the former to fall below analysts' expectations in the third quarter.LEN is continuing to distance itself from its March 28, record high of $172.59. The security still has support in place at its 160 ...

Loading...Loading...U.S. stock futures were mixed this morning, with the Nasdaq futures gaining around 0.2% on Tuesday.Shares of NextEra Energy, Inc. NEE fell sharply in today's pre-market trading after the company announced plans to sell equity units.After the market close on Monday, NextEra Energy announced that it intends to sell $2 billion of equity units consisting of a contract to purchase NextEra Energy common stock and a 5% undivided beneficial ownership interest in a NextEra Energy Capital Holdings ...

Key TakeawaysLennar shares dropped in extended trading on Monday after the homebuilder issued a lower-than-expected forecast for home deliveries in the current quarter.The company forecasts current-quarter home deliveries of between 20,500 and 21,000, with the 20,750 midpoint below analysts’ consensus view of 20,917 units.The company topped analysts' fiscal second quarter earnings and revenue estimates as purchasers remained responsive to increased sales incentives.Lennar shares may find buying interest aro ...

Core Insights - Lennar reported $8.77 billion in revenue for the quarter ended May 2024, a 9% year-over-year increase, with EPS of $3.38 compared to $2.94 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $8.57 billion by 2.23%, and the EPS surpassed the consensus estimate of $3.20 by 5.63% [1] Financial Performance Metrics - Deliveries: Average sales price was $426, slightly above the $422.43 estimate [2] - Active Communities: Total of 1,245, below the estimated 1,275 [2] - Deliveries - Homes: 19,690, exceeding the estimate of 19,245 [2] - Backlog - Homes: 17,873, slightly below the estimate of 18,103 [2] - Backlog - Dollar Value: $8.23 billion, compared to the estimate of $8.32 billion [2] - Revenue - Financial Services: $281.72 million, exceeding the estimate of $261.59 million, a 26.4% increase year-over-year [2] - Revenue - Homebuilding - Sales of homes: $8.36 billion, above the estimate of $8.09 billion, a 9.4% increase year-over-year [2] - Revenue - Multifamily: $99.50 million, below the estimate of $146.02 million, a 34.4% decrease year-over-year [2] - Revenue - Homebuilding - Sales of land: $13.60 million, below the estimate of $20.21 million, a 16.7% decrease year-over-year [2] - Revenue - Homebuilding: $8.38 billion, above the estimate of $8.14 billion, a 9.3% increase year-over-year [2] - Revenue - Lennar Other: $3.31 million, below the estimate of $4.52 million, a 705.4% increase year-over-year [2] - Revenue - Homebuilding - Other homebuilding: $9.71 million, below the estimate of $10.03 million, a 43.3% decrease year-over-year [2] Stock Performance - Lennar shares have returned -6.5% over the past month, while the Zacks S&P 500 composite increased by 3.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Lennar (LEN) came out with quarterly earnings of $3.38 per share, beating the Zacks Consensus Estimate of $3.20 per share. This compares to earnings of $2.94 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.63%. A quarter ago, it was expected that this homebuilder would post earnings of $2.21 per share when it actually produced earnings of $2.57, delivering a surprise of 16.29%.Over the last four quarters, the company has sur ...

Financial Performance - Net earnings increased 9% to $954 million, or $3.45 per diluted share, compared to $872 million, or $3.01 per diluted share in the prior year[4]. - Total revenues reached $8.8 billion, with home sales revenues up 9% to $8.4 billion[7]. - Financial Services operating earnings increased to $146 million, up from $112 million in the prior year[9]. - Total revenues for the three months ended May 31, 2024, increased to $8,765,592, a 8.9% rise from $8,045,151 in the same period of 2023[21]. - Homebuilding revenues reached $8,381,059 for the three months ended May 31, 2024, up 9.2% from $7,670,017 in the prior year[23]. - Net earnings attributable to Lennar for the three months ended May 31, 2024, were $954,311, representing an increase of 9.5% compared to $871,694 in the same period of 2023[21]. - Basic and diluted earnings per share for the three months ended May 31, 2024, were $3.45, up from $3.01 in the same period of 2023, reflecting a 14.6% increase[21]. - Homebuilding operating earnings for the six months ended May 31, 2024, were $2,368,951, a 11.7% increase from $2,121,248 in the same period of 2023[21]. - Financial Services revenues for the three months ended May 31, 2024, increased to $281,723, a 26.3% rise from $222,979 in the same period of 2023[23]. Home Sales and Deliveries - New orders rose 19% to 21,293 homes, while deliveries increased 15% to 19,690 homes[2]. - Total deliveries for the three months ended May 31, 2024, were 19,690 homes, compared to 17,074 homes in the same period of 2023, reflecting a 12.1% increase[25]. - Total new orders for the three months ended May 31, 2024, were 1,245 homes with a dollar value of $9,194,876, compared to 1,263 homes valued at $8,171,444 for the same period in 2023[26]. - Total deliveries for the six months ended May 31, 2024, reached 36,488 homes with a dollar value of $15,337,672, an increase from 30,733 homes valued at $13,792,997 in 2023[27]. Homebuilding Margins and Costs - Homebuilding gross margin was 22.6%, a slight increase of 10 basis points from the previous year[5]. - The company expects to deliver between 20,500 and 21,000 homes in Q3 2024, with a gross margin of approximately 23.0%[6]. - Total homebuilding costs and expenses for the three months ended May 31, 2024, were $7,106,455, up from $6,438,957 in the prior year, indicating a 10.4% increase[23]. - The return on inventory improved to 31.4%, an increase of 110 basis points year-over-year[6]. Cash and Assets - Homebuilding cash and cash equivalents stood at $3.6 billion, with no outstanding borrowings under the $2.2 billion revolving credit facility[14]. - Cash and cash equivalents decreased to $3,597,493 as of May 31, 2024, from $6,273,724 on November 30, 2023[30]. - Total assets as of May 31, 2024, were $38,667,670, a slight decrease from $39,234,303 on November 30, 2023[30]. - Total liabilities decreased to $11,651,917 as of May 31, 2024, compared to $12,532,337 on November 30, 2023[31]. - Stockholders' equity increased to $26,877,874 as of May 31, 2024, from $26,580,664 on November 30, 2023[31]. - Homebuilding debt as of May 31, 2024, was $2,241,507, down from $2,816,482 on November 30, 2023[33]. Sales Prices - Average sales price per home delivered was $426,000, down 5% from $449,000 in the prior year[7]. - The average sales price for homes delivered in the three months ended May 31, 2024, was $426,000, down from $449,000 in the same period of 2023[25]. - The average sales price for homes delivered in the six months ended May 31, 2024, was $420,000, compared to $449,000 in 2023[27]. - The average sales price for new orders in the six months ended May 31, 2024, was $429,000, down from $455,000 in 2023[28]. Backlog - The backlog as of May 31, 2024, consisted of 17,873 homes with a dollar value of $8,233,335, down from 20,214 homes valued at $9,532,388 in 2023[29].

Second Quarter 2024 Highlights - comparisons to the prior year quarterNet earnings per diluted share increased 15% to $3.45$3.38, excluding mark-to-market losses on technology investments and one-time gain on sale of a technology investmentNet earnings increased 9% to $954 millionNew orders increased 19% to 21,293 homesBacklog of 17,873 homes with a dollar value of $8.2 billionDeliveries increased 15% to 19,690 homesTotal revenues of $8.8 billionHomebuilding operating earnings of $1.3 billionGross margin on ...

CNBC's Jim Cramer on Friday guided investors through next week's most important happenings on Wall Street, including earnings reports from homebuilders Lennar and KB Home, adding that the housing sector can be the "linchpin" of the economy."Last night, I bemoaned that there aren't enough stocks that are compelling away from tech," Cramer said. "Let's see what happens next week, and whether we get enough data that's weak, but not too weak, because it's very hard to imagine the Fed cutting rates until the fal ...

Core Viewpoint - Lennar Corporation is expected to report its second-quarter fiscal 2024 results, with earnings anticipated to show growth while revenues are projected to increase modestly compared to the previous year [1][2]. Earnings and Revenue Estimates - The Zacks Consensus Estimate for earnings per share is $3.20, reflecting an 8.8% increase from $2.94 in the same quarter last year [2] - Revenue estimates stand at $8.57 billion, indicating a 6.6% growth from $8.05 billion reported a year ago [2]. Sales and Deliveries - Home sales for the fiscal second quarter are expected to rise 6.4% year over year to $8.1 billion, with homebuilding revenues projected at $8.2 billion, also up 6.4% [3]. - The company anticipates home deliveries between 19,000 and 19,500 units, with an average selling price (ASP) of $420,000 to $425,000, down from $449,000 a year ago [3]. - Estimated deliveries for the upcoming quarter are pegged at 19,200 homes, marking a 12.4% increase from 17,074 units last year, with an expected ASP of $423,190 [3]. New Orders and Backlog - New orders are expected to range from 20,900 to 21,300, reflecting an 18.3% growth from 17,885 reported in the second quarter of fiscal 2023 [4]. - The backlog is estimated at 18,220 homes valued at $8.32 billion, compared to 20,214 units or $9.53 billion a year ago [4]. Cost and Margin Expectations - Higher costs for land, labor, and raw materials are anticipated to pressure margins, with homebuilding gross margin expected to remain flat at 22.5% year over year [4]. - Selling, general and administrative (SG&A) expenses as a percentage of home sales are projected to be 7.2%, up from 6.7% in the year-ago quarter [5]. Financial Services Performance - Financial Services operating earnings are expected to be between $110 million and $115 million, with a model prediction of $113.3 million, slightly up from $112.6 million in the previous year [5]. Earnings Prediction Model - The current model does not predict an earnings beat for Lennar, as the company has an Earnings ESP of 0.00% and a Zacks Rank of 3 [6].

Loading...Loading...Lennar Corporation LEN will release earnings results for its second quarter, after the closing bell on Monday.Analysts expect the Miami, Florida-based company to report a quarterly earnings at $3.24 per share, up from $3.01 per share in the year-ago period. Lennar is projected to post quarterly revenue of $8.52 billion, compared to $8.05 billion a year earlier, according to data from Benzinga Pro.On April 10, Lennar declared a quarterly cash dividend of 50 cents per share for both Class ...