Core Insights - Lennar reported revenue of $7.31 billion for the quarter ended February 2024, reflecting a year-over-year increase of 12.7% [1] - The company's EPS was $2.57, up from $2.12 in the same quarter last year, exceeding the consensus estimate of $2.21 by 16.29% [1] Financial Performance Metrics - Deliveries: 16,798 homes, slightly below the average estimate of 16,825 [2] - Average sales price for deliveries was $413, lower than the estimated $420.18 [2] - Active Communities totaled 1,227, compared to the estimate of 1,280 [2] - Backlog of homes stood at 16,270, exceeding the estimate of 15,690 [2] - Financial Services revenue was $249.72 million, surpassing the estimate of $220.94 million, marking a 36.5% increase year-over-year [2] - Homebuilding revenue from sales of homes was $6.90 billion, below the estimate of $7.07 billion, but up 13.3% year-over-year [2] - Multifamily revenue was $129.68 million, below the estimate of $136.06 million, representing a 9.7% decline year-over-year [2] - Revenue from homebuilding sales of land was $20.75 million, exceeding the estimate of $19.82 million, with a significant year-over-year increase of 113.5% [2] - Overall homebuilding revenue was $6.93 billion, slightly below the estimate of $6.99 billion, reflecting a 12.6% year-over-year increase [2] - Revenue from Lennar Other was $2.54 million, significantly below the estimate of $7.48 million, indicating a 66.6% year-over-year decline [2] - Other homebuilding revenue was $8.46 million, exceeding the estimate of $7.02 million, but showing an 84% year-over-year decline [2] Stock Performance - Lennar's shares have returned +9.4% over the past month, outperforming the Zacks S&P 500 composite's +3.2% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]

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 ...

[First Quarter 2024 Highlights](index=1&type=section&id=First%20Quarter%202024%20Highlights) Lennar reported strong Q1 2024 results, marked by significant growth in key financial and operational metrics and a robust balance sheet Q1 2024 Key Performance Indicators (vs. Q1 2023) | Metric | Q1 2024 | Change vs. Q1 2023 | | :--- | :--- | :--- | | Net Earnings per Diluted Share | $2.57 | +25% | | Net Earnings | $719 million | +21% | | Total Revenues | $7.3 billion | +13% | | New Orders (Homes) | 18,176 | +28% | | Deliveries (Homes) | 16,798 | +23% | | Gross Margin on Home Sales | 21.8% | - | | Homebuilding Debt to Total Capital | 9.6% | - | - The company demonstrated strong capital management by repurchasing **3.4 million shares** for **$506 million** and increasing its annual dividend to **$2.00 per share** from **$1.50**[2](index=2&type=chunk) - Lennar ended the quarter with a strong liquidity position, holding **$5.0 billion** in homebuilding cash and cash equivalents and having no outstanding borrowings under its **$2.6 billion** revolving credit facility[2](index=2&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted strategic focus on production pace, demand-driven market, improved operational efficiency, and advancement of the 'land light' strategy - The core operating strategy is to maintain a consistent production and sales pace, using dynamic pricing and incentives to adapt to interest rate changes and drive volume[5](index=5&type=chunk) - The company is advancing its 'land light' strategy, evidenced by the owned homesite supply decreasing to **1.3 years** (from **1.9 years**) and controlled homesites increasing to **77%** (from **68%**)[6](index=6&type=chunk) - Operational efficiency has improved significantly, with cycle time down **30%** year-over-year to **154 days** and inventory turn improving to **1.5 times**[5](index=5&type=chunk) - Despite an **8% decrease** in the average sales price per home delivered to **$413,000**, the homebuilding gross margin increased by **60 basis points** to **21.8%** due to cost management[5](index=5&type=chunk) [Results of Operations](index=3&type=section&id=Results%20of%20Operations) Lennar's total revenues grew 13% to $7.3 billion, driven by strong Homebuilding and Financial Services performance, with improved ancillary segment results Segment Operating Earnings/Loss (Q1 2024 vs Q1 2023) | Segment | Q1 2024 (in millions) | Q1 2023 (in millions) | | :--- | :--- | :--- | | Homebuilding | $1,028.8 | $906.8 | | Financial Services | $131.3 | $78.7 | | Multifamily | $(15.6) | $(21.6) | | Lennar Other | $(39.5) | $(39.8) | [Homebuilding](index=3&type=section&id=Homebuilding) Homebuilding revenues increased 13% to $6.9 billion driven by higher deliveries, with improved gross margins despite lower average sales prices and increased SG&A Homebuilding Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenues from Home Sales | $6.9 billion | $6.1 billion | | Home Deliveries | 16,798 | 13,659 | | Average Sales Price | $413,000 | $448,000 | | Gross Margin % | 21.8% | 21.2% | | SG&A as % of Revenue | 8.2% | 7.4% | [Financial Services](index=3&type=section&id=Financial%20Services) Financial Services operating earnings significantly increased to $131 million, driven by improved mortgage and title business profitability - Operating earnings for Financial Services increased by **67%** to **$131 million** in Q1 2024 from **$78 million** in Q1 2023[9](index=9&type=chunk) - The earnings growth was primarily due to higher profit per locked loan, increased capture rate, and higher volume and productivity in the title business[9](index=9&type=chunk)[11](index=11&type=chunk) [Other Ancillary Businesses](index=4&type=section&id=Other%20Ancillary%20Businesses) Operating losses in the Multifamily segment narrowed, while the Lennar Other segment's loss remained stable Operating Loss (Q1 2024 vs Q1 2023) | Segment | Q1 2024 Loss | Q1 2023 Loss | | :--- | :--- | :--- | | Multifamily | $(16) million | $(22) million | | Lennar Other | $(40) million | $(41) million | [Other Financial Items (Tax Rate, Share Repurchases, Liquidity)](index=4&type=section&id=Other%20Financial%20Items) Lennar's effective tax rate decreased, while the company executed share repurchases and maintained a strong liquidity position - The effective income tax rate decreased to **22.7%** from **23.7%** in the prior year, primarily due to tax benefits from share-based compensation[13](index=13&type=chunk) - Repurchased **3.4 million shares** for **$506 million** at an average price of **$148.95 per share**[14](index=14&type=chunk) - Total liquidity stood at approximately **$7.6 billion**, comprising **$5.0 billion** in cash and a fully undrawn **$2.6 billion** revolving credit facility[15](index=15&type=chunk) [Business Outlook](index=3&type=section&id=Business%20Outlook) Lennar reiterates its full-year home delivery goal and provides specific guidance for Q2 2024 on new orders, deliveries, and gross margin - The company remains focused on its full-year goal of delivering **80,000 homes** with a margin consistent with the prior year[6](index=6&type=chunk) Guidance for Second Quarter 2024 | Metric | Q2 2024 Guidance | | :--- | :--- | | New Orders | 20,900 - 21,300 | | Deliveries | 19,000 - 19,500 | | Average Sales Price | $420,000 - $425,000 | | Gross Margin % on Home Sales | ~22.5% | | S,G&A as a % of Home Sales | ~7.2% | | Financial Services Operating Earnings | $110 million - $115 million | [Financial Statements and Supplemental Data](index=6&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) This section presents detailed unaudited financial statements, including consolidated earnings, operational metrics, balance sheets, and capital structure data [Selected Revenues and Operating Information](index=6&type=section&id=Selected%20Revenues%20and%20Operating%20Information) Total revenues increased to $7.31 billion, with net earnings attributable to Lennar growing to $719.3 million, or $2.57 per diluted share Consolidated Earnings Summary (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $7,312,930 | $6,490,429 | | Earnings Before Income Taxes | $930,786 | $784,453 | | Net Earnings Attributable to Lennar | $719,334 | $596,534 | | Diluted Earnings Per Share | $2.57 | $2.06 | [Deliveries, New Orders, and Backlog](index=8&type=section&id=Deliveries%2C%20New%20Orders%2C%20and%20Backlog) Home deliveries and new orders significantly increased year-over-year, while the backlog decreased due to strong conversion Key Operational Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Deliveries (Homes)** | 16,798 | 13,659 | | **New Orders (Homes)** | 18,176 | 14,194 | | **New Orders ($ Value)** | $7.74 billion | $6.41 billion | | **Backlog (Homes)** | 16,270 | 19,403 | | **Backlog ($ Value)** | $7.43 billion | $9.03 billion | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of February 29, 2024, Lennar reported total assets of $39.0 billion, with a strong cash position and total equity of $26.8 billion Key Balance Sheet Items (as of Feb 29, 2024) | Category | Amount (in billions) | | :--- | :--- | | **Assets** | | | Cash and cash equivalents | $5.0 | | Inventory owned | $15.8 | | Total Assets | $39.0 | | **Liabilities & Equity** | | | Total Liabilities | $12.2 | | Total Stockholders' Equity | $26.6 | | Total Equity | $26.8 | [Supplemental Data (Capital Structure)](index=10&type=section&id=Supplemental%20Data%20%28Capital%20Structure%29) Lennar's capital structure remains strong, with a significantly improved homebuilding debt to total capital ratio and a net cash position Homebuilding Capital Structure | Metric | Feb 29, 2024 | Feb 28, 2023 | | :--- | :--- | :--- | | Homebuilding Debt | $2.83 billion | $4.03 billion | | Stockholders' Equity | $26.65 billion | $24.42 billion | | **Debt to Total Capital** | **9.6%** | **14.2%** | | Net Homebuilding Debt | $(2.12) billion | $(0.02) billion |

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 ...

Company Overview - Lennar (LEN) ended the recent trading session at $154.13, showing a -0.61% change from the previous day's closing price, which lagged behind the S&P 500's daily loss of 0.38% [1] - Over the past month, shares of Lennar gained 4.52%, underperforming the Construction sector's gain of 8.53% and the S&P 500's gain of 4.74% [1] Earnings Forecast - The upcoming earnings release is anticipated, with an expected EPS of $2.21, reflecting a 4.25% increase from the same quarter last year [1] - Revenue is forecasted to be $7.44 billion, indicating a 14.7% increase compared to the same quarter of the previous year [1] - For the full year, earnings are projected at $14.36 per share and revenue at $36.09 billion, representing changes of +0.77% and +5.42% from the prior year, respectively [2] Analyst Sentiment - Recent revisions to analyst forecasts for Lennar are important, as they often reflect changes in short-term business dynamics [2] - Upbeat changes in estimates suggest a favorable outlook on the company's business health and profitability [2] Zacks Rank and Valuation - Lennar currently holds a Zacks Rank of 3 (Hold), with the Zacks Consensus EPS estimate having moved 0.01% higher in the past month [3] - The company has a Forward P/E ratio of 10.8, which is a premium compared to the industry's average Forward P/E of 8.99 [3] - Lennar's PEG ratio stands at 2.02, compared to the Building Products - Home Builders industry's average PEG ratio of 0.83 [3] Industry Context - The Building Products - Home Builders industry is part of the Construction sector and has a Zacks Industry Rank of 17, placing it in the top 7% of over 250 industries [4] - The Zacks Industry Rank measures the strength of industry groups, indicating that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [4]

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 ...

In the latest trading session, Lennar (LEN) closed at $150.99, marking a +0.51% move from the previous day. This change outpaced the S&P 500's 0.6% loss on the day. Elsewhere, the Dow lost 0.17%, while the tech-heavy Nasdaq lost 0.92%.The homebuilder's shares have seen a decrease of 3.25% over the last month, not keeping up with the Construction sector's gain of 4.17% and the S&P 500's gain of 3.56%.The investment community will be closely monitoring the performance of Lennar in its forthcoming earnings rep ...

Among the best stocks to buy and watch, Dow Jones chemicals giant Dow Inc. (DOW) and Birkenstock (BIRK), along with top homebuilders Lennar (LEN) and Toll Brothers (TOL), are stocks in or near buy zones on the stock market today. X Dow: A Dow Jones Stock To Watch Among the best stocks in the Dow… ...

Group 1: Market Overview - The week of February 12-16 saw discussions on stocks like Deere & Co, Coca-Cola, and Airbnb, highlighting broader market trends and potential investment opportunities [1] - Economic data, including U.S. CPI and Retail Sales, contributed to market volatility but indicated that the U.S. economy might avoid a recession, positively impacting investor sentiment [1] - The Russell 2000 index of smaller companies gained momentum, suggesting optimism among risk-on investors in the small-cap space [1] Group 2: Earnings Calendar and Key Stocks - The earnings calendar for February 19-23 is expected to be light, with a focus on Nvidia's anticipated earnings release, which could influence market direction [2] - Solid earnings from Nvidia and other stocks could help mitigate volatility in the market, especially if the remaining "Magnificent 7" stocks do not catalyze further upside [2] Group 3: Starbucks (SBUX) - Starbucks reported a 20% year-on-year profit increase but missed analyst estimates in its recent earnings results, leading to a decline in stock price post-announcement [3] - The stock currently trades at a P/E ratio of 22.9x, below the S&P 500's 27.2x, with an average price target of $107.15, indicating a potential upside of 15% [4] Group 4: Palo Alto Networks (PANW) - Palo Alto Networks is viewed as an intriguing investment opportunity, with its stock price rising ahead of its quarterly results announcement [5] - The company experienced a 66% growth in the previous quarter, but negative market reaction to disappointing forward revenue guidance is a concern [5] - Analysts forecast EPS growth of 24% to $1.30 and revenue growth of 19% to $1.97 billion, with a history of exceeding estimates by over 20% [5] Group 5: Lennar (LEN) - Lennar's stock price dropped following CPI data suggesting potential higher interest rates, but easing yields may allow for a rebound [6] - Warren Buffett's recent investment in Lennar, including a $21.4 million stake, indicates potential growth for the company amid a housing deficit of 3.1 million units in the U.S. [6] - Lennar trades at a P/E ratio of 10.9x and has increased its cash reserves by $1.7 billion to $6.3 billion, enhancing its investment potential [7]