earnings
confidence high
sentiment negative
materiality 0.75
Lennar Q1 EPS $1.96 ($2.14 adj); deliveries up 6% but gross margin down to 18.7%
LENNAR CORP /NEW/
2025-Q1 EPS reported
$1.96
revenue$7,631,545,000
- Net earnings $520M ($1.96 diluted); adjusted EPS $2.14 excluding mark-to-market tech losses.
- Home deliveries 17,834 (+6% YoY) above guidance; new orders 18,355 (+1%) also above guidance.
- Gross margin on home sales 18.7% vs 21.8% YoY; average sales price $408K (-1%).
- Completed spin-off of Millrose Properties and acquisition of Rausch Coleman Homes.
- Repurchased 5.2M shares for $703M; Q2 guidance: 19,500-20,500 deliveries, gross margin ~18%.