Lennar Q4 adjusted EPS $4.36 (+55% YoY); gross margin 28%; guides FY22 67k homes

LENNAR CORP /NEW/

2021-FY EPS reported $14.27 revenue$27,130,676,000

Net earnings $1.2B ($3.91 diluted), up 35%; adjusted EPS $4.36 excluding tech mark-to-market losses.
Revenue $8.4B (+24%); deliveries 17,819 homes (+11%); backlog 23,771 homes (+26%) valued at $11.4B (+45%).
Homebuilding gross margin 28.0%, S,G&A 6.0%, net margin 22.0% – all company records.
FY2022 guidance: ~67,000 deliveries; gross margin 27.0%-27.5%; Q1 deliveries ~12,500; gross margin ~26.75%.
Repurchased 10M shares for $977M; retired $850M senior notes; debt to capital 18.3% – historic low.

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