Lennar(LEN_B) - 2024 Q3 - Quarterly Results

Financial Performance - Net earnings increased 5% to $1.2 billion, or$4.26 per diluted share, compared to $1.1 billion, or$3.87 per diluted share in the prior year[1][3] - Total revenues for the nine months ended August 2024 were $25,494,564, up 9.6$23,265,183 in the same period last year[16] - Net earnings attributable to Lennar for Q3 2024 were $1,162,674, representing a 4.8$1,108,996 in Q3 2023[16] - Basic and diluted earnings per share for Q3 2024 were $4.26, compared to$3.87 in Q3 2023, reflecting a 10.1% increase[16] - Homebuilding operating earnings for the nine months ended August 2024 were $3,846,869, a 6.4$3,615,068 in the same period last year[16] - Financial Services operating earnings were $144 million, down from$148 million in the prior year[1][7] Home Sales and Deliveries - New orders rose 5% to 20,587 homes, while backlog reached 16,944 homes valued at $7.7 billion[1][3] - Deliveries increased 16$9.0 billion[1][6] - Deliveries in Q3 2024 totaled 21,516 homes, an increase from 18,559 homes delivered in Q3 2023, representing a growth of 15.8%[17] - For the three months ended August 31, 2024, total homes delivered were 58,004, an increase from 49,292 in the same period of 2023, with a total dollar value of $24.41 billion compared to$22.11 billion[19] - New orders for the nine months ended August 31, 2024, totaled 60,056 homes, up from 51,745 homes in 2023, with a dollar value of $25.50 billion compared to$23.22 billion[20] Pricing and Margins - Homebuilding gross margin was 22.5%, with net margin on home sales at 15.8%[1][7] - The average sales price per home delivered was $422,000, slightly down from$448,000 in the previous year[1][6] - The average sales price for homes in Q3 2024 was $422,000, down from$448,000 in Q3 2023, a decrease of 5.8%[17] - The average sales price for new orders in 2024 was $425,000, down from$449,000 in 2023[20] Cash and Assets - Cash and cash equivalents for homebuilding stood at $4.0 billion, with no outstanding borrowings under the$2.2 billion revolving credit facility[1][11] - Cash and cash equivalents decreased to $4.04 billion as of August 31, 2024, from$6.27 billion as of November 30, 2023[22] - Total assets increased to $39.74 billion as of August 31, 2024, compared to$39.23 billion as of November 30, 2023[22] - Homebuilding debt decreased to $2.26 billion as of August 31, 2024, from$2.82 billion as of November 30, 2023[24] - Stockholders' equity increased to $27.41 billion as of August 31, 2024, compared to$26.58 billion as of November 30, 2023[24] - The company reported a net homebuilding debt of $(1.77) billion as of August 31, 2024, indicating a strong cash position[24] Cost and Expenses - Total homebuilding costs and expenses for Q3 2024 were$7,613,042, up from $6,863,063 in Q3 2023, indicating a 10.9$93,443 in Q3 2024 from $137,394 in Q3 2023, a decline of 32.0$9,045,692, an increase of 8.7% from $8,318,615 in Q3 2023[16]