Lennar(LEN_B) - 2024 Q4 - Annual Results

Financial Performance - Net earnings for Q4 2024 were $1.1 billion, or$4.06 per diluted share, compared to $1.4 billion, or$4.82 per diluted share in Q4 2023[4]. - Total revenues for Q4 2024 were $9.9 billion, down from$10.4 billion in Q4 2023, primarily due to a 7% decrease in home deliveries[8]. - Net earnings attributable to Lennar for the three months ended November 2024 were $1,096,214, down 19.4$1,361,287 in the same period of 2023[23]. - Basic and diluted earnings per share for the three months ended November 2024 were $4.06, compared to$4.82 in the same period of 2023, reflecting a decrease of 15.8%[23]. - Financial Services operating earnings for the year ended November 2024 were $577,184, an increase of 13.3$509,461 in 2023[23]. - Homebuilding operating earnings for the year ended November 2024 were $5,342,252, a decrease of 3.4$5,527,707 in 2023[23]. - Total revenues for the year ended November 2024 reached $35,441,452, up 3.5$34,233,366 in 2023[23]. Home Deliveries and Orders - New orders decreased 3% to 16,895 homes in Q4 2024, with a dollar value decrease of 1% to $7.2 billion[3]. - Home deliveries decreased 7$430,000, slightly down from $441,000 in Q4 2023[8]. - New orders for the three months ended November 30, 2024, totaled 16,895 homes, a decrease of 2.7$32.68 billion compared to $30.51 billion[27]. - Total home deliveries for the year ended November 30, 2024, were 80,210 homes, an increase of 9.2$521 million during Q4 2024, with cash and cash equivalents of $4.7 billion[17][18]. - Homebuilding debt to total capital ratio was 7.5$2.9 billion revolving credit facility[3][18]. - Cash and cash equivalents decreased to $4.66 billion in November 2024 from$6.27 billion in November 2023[28]. - Total assets increased to $41.31 billion in November 2024 from$39.23 billion in November 2023[28]. - Homebuilding debt decreased to $2.26 billion in November 2024 from$2.82 billion in November 2023, resulting in a homebuilding debt to total capital ratio of 7.5% compared to 9.6%[30]. - Stockholders' equity increased to $27.87 billion in November 2024 from$26.58 billion in November 2023[30]. - Net homebuilding debt improved to $(2.40 billion) in November 2024 from$(3.46 billion) in November 2023, indicating a stronger financial position[30]. Margins and Costs - Homebuilding gross margin for Q4 2024 was 22.1%, down from 24.2% in Q4 2023, attributed to increased land costs[9]. - Homebuilding net margins for the three months ended November 30, 2024, were $1,436,253, down 23.1$1,869,139 in the same period of 2023[24]. - Homebuilding costs and expenses for the three months ended November 30, 2024, were $8,112,431, a decrease of 6.2$8,646,911 in the same period of 2023[24]. Future Outlook - For Q1 2025, the company expects to deliver between 17,000 and 17,500 homes, with a gross margin of 19.0% to 19.25%[19]. - The company entered into a definitive agreement to acquire Rausch Coleman Homes, expected to close in Q1 2025[3]. Other Financial Metrics - Corporate general and administrative expenses for the three months ended November 2024 were $170,011, an increase of 24.7$136,336 in the same period of 2023[23]. - The company reported a total interest expense of $44,014 for the three months ended November 2024, down 41.0$74,540 in the same period of 2023[23]. - Multifamily segment revenue for the three months ended November 2024 was $88,917, a decline of 36.9$140,824 in the same period of 2023[23]. - Multifamily revenues for the three months ended November 30, 2024, were $88,917, down 36.8$140,824 in the same period of 2023[24]. - Homebuilding equity in earnings from unconsolidated entities for the year ended November 30, 2024, was $66,448, compared to a loss of$(3,886) in 2023[24]. Conference Call - The company plans to hold a conference call on December 19, 2024, to discuss fourth quarter earnings[22].