The company said Lennar net earnings attributable to Lennar were $954.3 million ($3.45 per diluted share) for Q2 2024, compared with $871.7 million ($3.01 per share) for Q2 2023. Excluding a $21.5 million mark-to-market loss on technology investments and a $46.5 million one-time gain on a technology investment sale, adjusted net earnings were $935.3 million ($3.38 per share).

1. 01

   The company said Lennar net earnings attributable to Lennar were $954.3 million ($3.45 per diluted share) for Q2 2024, compared with $871.7 million ($3.01 per share) for Q2 2023. Excluding a $21.5 million mark-to-market loss on technology investments and a $46.5 million one-time gain on a technology investment sale, adjusted net earnings were $935.3 million ($3.38 per share).

2. 02

   Lennar said revenue from home sales rose 9% to $8.4 billion in Q2 2024, as home deliveries increased 15% to 19,690 homes, while the average sales price of homes delivered fell 5% to $426,000. The company said its gross margin on home sales was 22.6% (22.5% a year earlier).

3. 03

   The company said it is planning a tax-free spin-off, subject to market conditions, of a new public company to which it would contribute land assets valued at approximately $6 billion to $8 billion. It said it has confidentially submitted a draft registration statement to the SEC for the spin-off, and that there is no specific timeline for completion or guarantee that the transaction will be completed.

4. 04

   The company said its Homebuilding debt-to-total-capital ratio was 7.7%, it had $3.6 billion of cash on hand, and it had no borrowings under its $2.2 billion revolving credit facility. It also said it expects to deliver approximately 80,000 homes in fiscal 2024 and to repurchase more than $2 billion of its stock for the full year.

Key figures

Quarter ended May 31, 2024

Revenue

$8.8B

Net income

$954M

EPS

$3.45

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

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