Lennar said net earnings attributable to Lennar rose to $719.3 million ($2.57 per diluted share) in Q1 2024, from $596.5 million ($2.06 per diluted share) in Q1 2023.

1. 01

   Lennar said net earnings attributable to Lennar rose to $719.3 million ($2.57 per diluted share) in Q1 2024, from $596.5 million ($2.06 per diluted share) in Q1 2023.

2. 02

   The company said revenues from home sales rose 13% to $6.9 billion in Q1 2024. It said home deliveries grew 23% to 16,798 homes, while the average sales price of homes delivered fell 8% to $413,000.

3. 03

   Lennar said its gross margin on home sales was 21.8% in Q1 2024 (21.2% a year earlier). It added that selling, general and administrative expenses were 8.2% of revenues from home sales (7.4% a year earlier).

4. 04

   The company said it raised its annual dividend to $2.00 per share in Q1 2024, and its Board approved an increase of up to an additional $5 billion to its stock repurchase authorization.

Key figures

Quarter ended February 29, 2024

Revenue

$7.3B

Net income

$719M

EPS

$2.57

Operating cash flow

$368M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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

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