The company said net earnings attributable to Lennar for Q3 2024 (ended August 31) were $1.2 billion, or $4.26 per diluted share. Excluding mark-to-market gains of $39 million on technology investments and one-time items of $89 million in the Multifamily segment, earnings were $3.90 per diluted share.

1. 01

   The company said net earnings attributable to Lennar for Q3 2024 (ended August 31) were $1.2 billion, or $4.26 per diluted share. Excluding mark-to-market gains of $39 million on technology investments and one-time items of $89 million in the Multifamily segment, earnings were $3.90 per diluted share.

2. 02

   Lennar said home deliveries for Q3 2024 rose 16% to 21,516 homes from 18,559 homes a year earlier, and revenues from home sales were $9.0 billion. The average sales price of $422,000 was lower than $448,000 a year earlier. The company cited higher sales incentives and product mix as factors.

3. 03

   The company said its gross margin on home sales for Q3 2024 was 22.5%, down from 24.4% a year earlier. It cited lower revenue per square foot and higher land costs as factors, and said its SG&A as a percentage of home sales fell from 7.0% to 6.7%.

4. 04

   Lennar said it repurchased 3.4 million shares of its Class A common stock for $519 million in Q3 2024. As of August 31, 2024, Homebuilding cash and cash equivalents totaled $4.0 billion, and there were no borrowings outstanding under the $2.2 billion revolving credit facility.

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.