Lennar Q1 GAAP EPS $2.06 (+22% YoY); deliveries up 9% to 13,659; gross margin 21.2%

LENNAR CORP /NEW/

2023-Q1 EPS reported $2.06 revenue$6,490,429,000

GAAP net earnings $597M ($2.06 diluted EPS); adjusted net earnings $615M ($2.12), down 23% YoY.
Deliveries 13,659 homes (+9% YoY); new orders 14,194 (-10%); backlog 19,403 (-29%).
Homebuilding gross margin 21.2% (down 570 bps); S,G&A improved 10 bps to 7.4% of home sales.
Homebuilding debt-to-capital 14.2%; cash $4.1B; no revolver borrowings; repurchased 2M shares for $189M.
Q2 guidance: deliveries 15,000-16,000; gross margin 21.0%-21.5%. FY deliveries 62,000-66,000.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LENNAR CORP /NEW/ reported first quarter ended February 28, 2023 results: revenue $6.5 billion, net income $597 million, EPS $2.06 per diluted share.

Period: first quarter ended February 28, 2023
Revenue: $6.5 billion
Net income: $597 million
EPS: $2.06 per diluted share
Result: reported results

Exact text from the filing

orders dollar value decreased 18% to $6.4 billion • Backlog decreased 29% to 19,403 homes; backlog dollar value decreased 33% to $9.0 billion • Total revenues increased 5% to $6.5 billion • Homebuilding operating earnings decreased to $907 million, compared to operating earnings of $1.1 billion ◦ Gross margin on home sales decreased 570 basis points ("bps") to

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Source: SEC EDGAR

accession 0001628280-23-007870

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