Lennar(US:LEN)2024-06-17 20:31Financial 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].