Lennar Q4 EPS $4.82 ($5.17 adj.); orders +32%; guides FY24 deliveries 80K

LENNAR CORP /NEW/

2023-FY EPS reported $13.73 revenue$34,233,366,000

Q4 net earnings $1.4B ($4.82/diluted); adj. $1.5B ($5.17/diluted) vs $1.3B ($4.55) a year ago.
New orders 17,366 homes (+32%); deliveries 23,795 (+19%); avg sales price $441K (-9%).
Homebuilding gross margin 24.2%; net margin 17.6%; S,G&A at 6.6% of home sales revenue.
Financial Services op. earnings $168M vs $125M; Multifamily op. loss $12M; Lennar Other loss $125M from tech write-downs.
Q1 2024 guidance: deliveries 16,500-17,000 homes, gross margin 21.0%-21.25%; FY2024 deliveries ~80,000 homes; share repurchase target $2B.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LENNAR CORP /NEW/ reported fourth quarter and fiscal year ended November 30, 2023 results: revenue $11.0 billion, net income $1.4 billion, EPS $4.82 per diluted share. Guidance reaffirmed.

Period: fourth quarter and fiscal year ended November 30, 2023
Revenue: $11.0 billion
Net income: $1.4 billion
EPS: $4.82 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

orders dollar value increased 32% to $7.3 billion • Backlog of 14,892 homes with a dollar value of $6.6 billion • Deliveries increased 19% to 23,795 homes • Total revenues of $11.0 billion • Homebuilding operating earnings of $1.9 billion ◦ Gross margin on home sales of 24.2% ◦ S,G&A expenses as a % of revenues from home sales of 6.6% ◦ Net margin on home sales of

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Source: SEC EDGAR

accession 0001628280-23-041612

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