secwatch.observer — SEC 8-K summary
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Issuer:     LENNAR CORP /NEW/ (LEN)
CIK:        0000920760
Form:       8-K
Filed at:   2025-09-19T23:59:59+00:00
Accession:  0000920760-25-000003
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lennar Q3 EPS $2.29; orders up 12% but margins compress; guides Q4 deliveries 22K-23K
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- Net earnings $591M, diluted EPS $2.29; adjusted EPS $2.00 excluding $99M mark-to-market gains.
- Deliveries flat at 21,584 homes; new orders rose 12% to 23,004. ASP fell 9% to $383K.
- Homebuilding revenue $8.2B (-9% YoY); gross margin 17.5% vs 22.5% a year ago due to higher incentives and land costs.
- SG&A as % of home sales 8.2% (up from 6.7%) on lower leverage and higher marketing. Homebuilding operating earnings $760M.
- Q4 guidance: deliveries 22K-23K, new orders 20K-21K, gross margin ~17.5%. Repurchased 4.1M shares for $507M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/920760/000092076025000003/0000920760-25-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/920760/000092076025000003/len-20250918.htm
  HTML page:      https://secwatch.observer/filing/0000920760-25-000003

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