Wed, Oct 2, 8:33 PM (80 days ago)
Lennar Corporation's Q3 2024 report highlights robust financial performance with revenues reaching $9.4 billion, a 7.9% increase year-over-year, driven by a 16% rise in home deliveries. However, average sales prices fell by 6%, impacting gross margins, which declined to 22.5% from 24.4%. Net earnings attributable to Lennar were $1.2 billion ($4.26 per share), up from $1.1 billion ($3.87 per share) in Q3 2023. Operating cash flow decreased to $1.4 billion, influenced by increased inventories and land purchases. The company maintains a strong cash position of $4.3 billion, down from $6.6 billion in November 2023, and has reduced debt levels. A strategic spin-off of land assets into Millrose Properties is planned, projected to enhance operational efficiency. Despite challenges from inflation and interest rates, Lennar anticipates continued demand for housing, guiding for 22,500 to 23,000 closings in Q4 2024. The overall outlook remains positive, with expectations of a 10% growth in home deliveries for fiscal 2025.