Summary by Moomoo AI
Lennar Corporation reported strong Q3 2024 results with net earnings of $1.2 billion, or $4.26 per diluted share, up 10% from $3.87 in Q3 2023. Home deliveries increased 16% to 21,516 units, while new orders rose 5% to 20,587 homes. Total revenues reached $9.4 billion, with homebuilding revenue up 9% to $9.0 billion.The company maintained solid profitability with a 22.5% gross margin on home sales and improved SG&A expenses to 6.7% of revenues. The average sales price per home delivered was $422,000, down 6% year-over-year due to increased sales incentives. Financial Services generated operating earnings of $144 million, while the Multifamily segment contributed $79 million.Lennar continued strengthening its balance sheet with $4.0 billion in cash and no outstanding borrowings on its $2.2 billion credit facility. The company repurchased 3.4 million shares for $519 million during the quarter. For Q4 2024, Lennar expects to deliver between 22,500 and 23,000 homes with gross margins flat compared to Q3.
