secwatch.observer — SEC 8-K summary
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Issuer:     LENNAR CORP /NEW/ (LEN)
CIK:        0000920760
Form:       8-K
Filed at:   2021-09-20T23:59:59+00:00
Accession:  0001628280-21-018889
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lennar Q3 EPS $4.52 ($3.27 adj); deliveries miss low end of guidance by ~600 homes
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- Q3 net earnings $1.4B ($4.52/dil) vs $666M ($2.12) prior year; adjusted EPS $3.27 excluding $500M mark-to-market gains.
- Home deliveries 15,199 (+10% YoY) but ~600 below guidance; homebuilding gross margin 27.3% (record), SG&A 7.0% (record low).
- New orders 16,277 (+5%); backlog 25,819 homes (+31%) with $12B value (+52%).
- Homebuilding cash $2.6B; debt to capital 21.2% (record low); retired $300M notes; repurchased 2.5M shares for $246M.
- Q4 guidance: ~18,000 deliveries, gross margin ~28%, avg price ~$445k; S&P upgraded to investment grade.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/920760/000162828021018889/0001628280-21-018889-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/920760/000162828021018889/len-20210920.htm
  HTML page:      https://secwatch.observer/filing/0001628280-21-018889

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