secwatch.observer — SEC 8-K summary
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Issuer:     LENNAR CORP /NEW/ (LEN)
CIK:        0000920760
Form:       8-K
Filed at:   2025-03-20T23:59:59+00:00
Accession:  0001628280-25-014148
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lennar Q1 EPS $1.96 ($2.14 adj); deliveries up 6% but gross margin down to 18.7%
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- 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%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/920760/000162828025014148/0001628280-25-014148-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/920760/000162828025014148/len-20250320.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-014148

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