The company said net earnings attributable to Lennar for Q1 quarter ended February 29, 2024 were $719 million ($2.57 per diluted share), compared with $597 million ($2.06 per diluted share) in the same quarter last year.

1. 01

   The company said net earnings attributable to Lennar for Q1 quarter ended February 29, 2024 were $719 million ($2.57 per diluted share), compared with $597 million ($2.06 per diluted share) in the same quarter last year.

2. 02

   The company said home deliveries in Q1 rose 23% to 16,798 homes from 13,659 homes, while the average sales price fell 8% to $413,000 from $448,000. The company cited incentives and product mix as the reasons for the lower average sales price.

3. 03

   Lennar said the homebuilding gross margin on home sales in Q1 was 21.8%, up from 21.2% a year earlier, and S,G&A expenses as a percentage of revenues from home sales rose to 8.2% from 7.4%. The company attributed the higher gross margin to lower costs per square foot and cited more brokers and higher digital marketing and advertising costs as the reasons for the higher S,G&A ratio.

4. 04

   The company said Homebuilding cash and cash equivalents were $5.0 billion as of February 29, 2024, and it had no outstanding borrowings under its $2.6 billion revolving credit facility. It repurchased 3.4 million shares for $506 million in Q1.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.