Lennar Q4 EPS $4.06 vs $4.82 YoY; orders miss guidance; Q1 margin guidance 19.0-19.25%

LENNAR CORP /NEW/

2024-FY EPS reported $14.31 revenue$35,441,452,000

Q4 deliveries 22,206 (-7% YoY); new orders 16,895 (-3%) vs guided low-end 19,000.
Homebuilding gross margin 22.1% (down from 24.2% YoY); net margin 14.9%.
Q1 2025 guidance: deliveries 17,000-17,500; gross margin 19.0%-19.25%; avg price ~$410-415K.
Repurchased 3M shares for $521M; homebuilding debt to capital 7.5%; cash $4.7B.
Agreed to acquire Rausch Coleman Homes; expected close in Q1 2025.

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