Summary by Moomoo AI
Lennar Corporation reported robust Q2 2024 results with net earnings rising 9% to $954 million, or $3.45 per diluted share. New orders increased 19% to 21,293 homes while deliveries grew 15% to 19,690 homes. Total revenues reached $8.8 billion, with homebuilding gross margin at 22.6% and SG&A at 7.5% of home sales revenue.The company maintained strong operational efficiency with cycle time reduced 30% year-over-year to 150 days. Financial position remained solid with $3.6 billion in homebuilding cash, no borrowings on its $2.2 billion revolver, and homebuilding debt-to-capital ratio of 7.7%. During the quarter, Lennar repurchased $603 million of common stock and repaid $554 million in senior notes.Looking ahead, Lennar expects Q3 2024 deliveries between 20,500-21,000 homes with approximately 23.0% gross margin. The company remains on track to deliver 80,000 homes for the full year while maintaining consistent margins. Management noted that despite interest rate fluctuations, strong employment and housing supply shortages continue to drive demand.
