secwatch.observer — SEC 8-K summary
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Issuer:     LENNAR CORP /NEW/ (LEN)
CIK:        0000920760
Form:       8-K
Filed at:   2023-03-14T23:59:59+00:00
Accession:  0001628280-23-007870
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/920760/000162828023007870/0001628280-23-007870-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/920760/000162828023007870/len-20230314.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-007870

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