Lennar Corporation reported strong Q2 FY2024 results with revenues increasing 9% to $8.8 billion and net earnings rising to $954.3 million ($3.45 per share). Home deliveries grew 15% to 19,690 homes, while the average sales price decreased 5% to $426,000 due to increased incentives and product mix. Gross margins on home sales held steady at 22.6% compared to 22.5% last year.The company maintained robust operational performance with a 7.7% debt-to-capital ratio and $3.6 billion cash on hand. New orders increased 19% to 21,293 homes with a dollar value of $9.2 billion. The company's land-light strategy continued to progress, with controlled homesites increasing to 79% of total homesites compared to 70% last year. Financial Services segment operating earnings grew to $147 million from $113 million.Looking ahead, Lennar expects Q3 home deliveries between 20,500-21,000 with approximately 23% gross margin. For full year 2024, the company targets approximately 80,000 home deliveries and plans to repurchase over $2 billion of stock. Additionally, Lennar is pursuing a strategic spin-off of $6-8 billion in land assets to accelerate its land-light strategy, though timing remains uncertain.

Lennar Corporation reported strong Q2 FY2024 results with revenues increasing 9% to $8.8 billion and net earnings rising to $954.3 million ($3.45 per share). Home deliveries grew 15% to 19,690 homes, while the average sales price decreased 5% to $426,000 due to increased incentives and product mix. Gross margins on home sales held steady at 22.6% compared to 22.5% last year.The company maintained robust operational performance with a 7.7% debt-to-capital ratio and $3.6 billion cash on hand. New orders increased 19% to 21,293 homes with a dollar value of $9.2 billion. The company's land-light strategy continued to progress, with controlled homesites increasing to 79% of total homesites compared to 70% last year. Financial Services segment operating earnings grew to $147 million from $113 million.Looking ahead, Lennar expects Q3 home deliveries between 20,500-21,000 with approximately 23% gross margin. For full year 2024, the company targets approximately 80,000 home deliveries and plans to repurchase over $2 billion of stock. Additionally, Lennar is pursuing a strategic spin-off of $6-8 billion in land assets to accelerate its land-light strategy, though timing remains uncertain.