Lennar Q3 EPS $3.87, deliveries up 8% to 18,559; new orders up 37%

LENNAR CORP /NEW/

2023-Q3 EPS reported $8.94 revenue$23,265,183,000

Net earnings $1.1B ($3.87/diluted) vs $1.5B ($5.03) YoY; adjusted EPS $3.91.
Homebuilding gross margin 24.4% vs 29.2% YoY; S,G&A 7.0% of home sales.
Financial Services op earnings $148M vs $63M YoY (incl. $36M one-time charge in 2022).
Q4 guidance: deliveries 21,500-22,500, gross margin 24.4%-24.6%, S,G&A 6.7%-6.9%.
Repaid $475M debt, repurchased 3M shares for $366M; cash $3.9B, no revolver draw.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

LENNAR CORP /NEW/ reported the third quarter ended August 31, 2023 results: revenue $8.7 billion, net income $1.1 billion, EPS $3.87 per diluted share.

Period: the third quarter ended August 31, 2023
Revenue: $8.7 billion
Net income: $1.1 billion
EPS: $3.87 per diluted share
Result: reported results

Exact text from the filing

New orders increased 37% to 19,666 homes; new orders dollar value increased 30% to $8.6 billion • Backlog of 21,321 homes with a dollar value of $9.9 billion • Total revenues of $8.7 billion • Homebuilding operating earnings of $1.5 billion ◦ Gross margin on home sales of 24.4% ◦ S,G&A expenses as a % of revenues from home sales of 7.0% ◦ Net margin on home sales of

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Source: SEC EDGAR

accession 0001628280-23-032289

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