Breaking News: Lennar’s Q4 and Fiscal 2024 Results Unveiled – A Look Inside the Numbers!
2024 Fourth Quarter Highlights
Comparisons to the Prior Year Quarter
Net earnings per diluted share of $4.06 ($4.03, excluding mark-to-market gains on technology investments)
Net earnings of $1.1 billion
New orders decreased 3% to 16,895 homes; new orders dollar value decreased 1% to $7.2 billion
Backlog of 11,633 homes with a dollar value of $5.4 billion
Deliveries decreased 7% to 22,206 homes
Total revenues of $9.9 billion
Homebuilding operating earnings of $1.5 billion
Gross margin on home sales of 22.1%
S,G&A expenses as a % of revenues from home sales of 7.2%
Net margin on home sales of 14.9%
Financial Services operating earnings of $154 million
Multifamily operating loss of $0.2 million
Lennar Other operating earnings of $0.5 million
Homebuilding cash and cash equivalents of $4.7 billion
Years supply of owned homesites of 1.1 years and controlled homesites of 82%
No outstanding borrowings under the Company’s $2.9 billion revolving credit facility
Homebuilding debt to total capital of 7.5%
Repurchased 3 million shares of Lennar common stock for $521 million
In November 2024, the Company entered into a definitive agreement to acquire Rausch Coleman Homes, a residential homebuilder, which is expected to close in the first quarter of 2025
2024 Fiscal Year Highlights
Comparisons to Prior Year
Net earnings per diluted share of $14.31 ($13.86, excluding mark-to-market gains and other one-time items, (collectively, “adjustments”))
Net earnings of $3.9 billion ($3.8 billion excluding adjustments)
New orders increased 11% to 76,951 homes
Deliveries increased 10% to 80,210 homes
Total revenues of $35.4 billion
Gross margin on home sales of 22.3%; net margin of 14.9%
Redeemed/repurchased $554 million of senior notes
Repurchased 13.6 million shares of Lennar common stock for $2.1 billion
Homebuilding return on inventory of 29.2%
MIAMI , Dec. 18, 2024 /PRNewswire/ — Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s largest homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2024. Fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion, or $4.06 per diluted share, compared to $1.4 billion, or $4.82 per diluted share in the fourth quarter of 2023.
How This Will Affect You
As a consumer looking to purchase a new home, Lennar’s fourth quarter and fiscal 2024 results provide insights into the current state of the housing market. Understanding the company’s financial performance can help you make informed decisions when buying a home, as Lennar’s success may indicate the overall health of the real estate industry.
How This Will Affect the World
Lennar’s strong financial results for the fourth quarter and fiscal year 2024 could have broader implications for the economy and the housing sector. As one of the nation’s largest homebuilders, Lennar’s performance may influence trends in the housing market, impacting both buyers and sellers across the country. Additionally, the company’s acquisition of Rausch Coleman Homes signals growth and expansion within the industry.
Conclusion
In conclusion, the unveiling of Lennar’s Q4 and Fiscal 2024 results provides valuable insights into the company’s financial health and its position in the housing market. The positive performance showcased in the report suggests growth and success for Lennar, which can have ripple effects on both individual consumers and the broader economy. As we move forward, keeping an eye on Lennar’s developments will be beneficial for those interested in the real estate market.
