Lennar Corporation (NYSE:LEN) Q2 2024 Earnings Conference Call June 18, 2024 11:00 AM ET Company Participants David Collins - Vice President and Controller Stuart Miller - Executive Chairman and Co-Chief Executive Officer Jon Jaffe - Co-Chief Executive Officer and President Diane Bessette - Chief Financial Officer Bruce Gross - Chief Executive Officer of Lennar Financial Services Conference Call Participants Stephen Kim - Evercore ISI Carl Reichardt - BTIG Susan Maklari - Goldman Sachs Alan Ratner - Zelman ...

Core Viewpoint - Lennar's stock declined despite beating analysts' expectations for fiscal Q2 results, primarily due to a soft outlook for home deliveries in fiscal Q3 [1][4]. Financial Performance - Lennar reported a 9% year-over-year increase in revenue to $8.8 billion for the three months ended May 31 [1]. - Home deliveries rose by 15% to 19,690 homes, while new orders increased by 19% to 21,293 homes [1]. - Earnings per share (EPS) grew by 14.6% from the previous year to $3.45, surpassing analysts' expectations of $3.24 [1][3]. Future Outlook - For Q3, Lennar anticipates home deliveries between 20,500 and 21,000, with a midpoint of 20,750, which is below analysts' expectations of 20,917 homes [4]. - The company acknowledged challenges related to affordability and consumer sentiment but noted that purchasers responded positively to increased sales incentives [3]. Market Sentiment - Lennar's stock has underperformed in 2024, with a total return of approximately 5%, compared to the S&P 500's 15% total return [5]. - The average analyst target price for LEN stock is $178.05, indicating an implied upside of nearly 20% from current levels, with a consensus recommendation of "Buy" [6]. - However, some analysts, like those from Wedbush, have an "Underperform" rating with a price target of $144, citing potential challenges from elevated mortgage rates and increased inventory of homes for sale [6].

Lennar Corporation (LEN) reported second-quarter fiscal 2024 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate. 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’s shares plung ...

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 ...

Exhibit 99.1 Contact: Ian Frazer Investor Relations Lennar Corporation (305) 485-4129 FOR IMMEDIATE RELEASE Lennar Reports Second Quarter 2024 Results Second Quarter 2024 Highlights - comparisons to the prior year quarter • Net 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 investment • Net earnings increased 9% to $954 million • New orders increased 19% to 21,293 homes • Backlog of 17,873 homes w ...

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 ...