Lennar Corporation
- Lennar Corp. traded flat at $115.22 after the home builder reported results for the first quarter of fiscal 2025 ending in February.
Revenue increased to $7.63 billion from $7.31 billion, net income dropped to $519.5 million from $719.3 million, and diluted earnings per share fell to $1.96 from $2.57 a year ago.
The company completed the quarter with a backlog of 13,145 homes with a dollar value of $5.8 billion, and home deliveries increased 6% to 17,834 homes.
New orders increased 1% to 18,355 homes, as new orders dollar value decreased 4% to $7.4 billion.
During the quarter, the company repurchased 5.2 million shares for $703 million at an average share price of $134.40.
In February, Lennar completed the taxable spin-off of Millrose Properties Inc. from Lennar through a distribution of approximately 80% of Millrose's stock to Lennar's stockholders.
The company guided for the second quarter of 2025 new orders to be between 22,500 and 23,500 homes, deliveries between 19,500 and 20,500 homes, and the average sales price between $390,000 and $400,000.
The gross margin on home sales is estimated at approximately 18%.
The company expects operating earnings in the financial services segment to be between $135 million and $145 million in the second quarter of 2025, compared to $146 million a year ago.
During the first quarter, operating earnings for the financial services segment were $143 million, compared to $131 million a year ago, helped by increased deliveries.
Mar 24, 2025 - Single-family house sales eased 0.3% from the previous month and rose 5.9% from a year ago in February to a seasonally adjusted rate of 662,000.
The median sale price of a new house sold was $400,500, and the average sale price was $485,000, according to the latest government statistics.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the new residential statistics Monday.
The seasonally adjusted estimate of new homes for sale at the end of February was 463,000, a supply of 8.4 months at the current sales rate.
Home price affordability and elevated mortgage rates have kept first-time home buyers away from the market, as mortgage rates have continued to advance over the last year.
Mar 25, 2024 - Lennar Corp. increased 1.4% to $150.17 after the home builder increased its annual dividend to $2.0 from $1.50 a share and the company's board approved the stock repurchase program of $5 billion.
Jan 10, 2024 - Home builders were in focus after Berkshire Hathaway acquired positions in NVR, Lennar and DR Horton, according to a regulatory filing.
DR Horton gained 2.2% to $125.97, Lennar jumped 0.6% to $124.61 and NVR gained 1.7% to $6,262.79 after the diversified conglomerate Berkshire Hathaway took stakes in home builders.
According to a regulatory filing with the SEC, Berkshire acquired a $726 million stake in DR Horton, $70 million in NVR and $17.2 million in Lennar.
Aug 15, 2023 - Lennar Corp advanced 3.5% to $118.78 after the home builder reported better-than-expected fiscal fourth quarter results and the company lifted its unit sales outlook for the year.
Total revenue increased 21% to $10.2 billion from $8.4 billion and net income edged up to $1.3 billion from $1.2 billion and diluted earnings per share advanced to $4.55 from $3.91 a year ago.
Homes delivered increased 13% to 20,064 and order backlog dropped 21% to 18,869 and backlog order value dropped 23% to $8.7 billion.
The company guided new orders and home deliveries in the quarter between 12,000 and 13,500 and average sales price between $440,000 and $450,000 and gross margin of 21%.
Jun 15, 2023
| Year | Feb | May | Aug | Nov | Annual | |
|---|---|---|---|---|---|---|
| 2023 | 2.06 | 3.01 | 3.87 | 4.82 | - | |
| 2022 | 1.69 | 4.49 | 5.03 | 4.51 | 15.72 | |
| 2021 | 3.2 | 2.65 | 4.52 | 3.9 | 14.27 | |
| 2020 | 1.27 | 1.65 | 2.12 | 2.81 | 7.85 | |
| 2019 | 0.74 | 1.3 | 1.59 | 2.11 | 5.74 | |
| 2018 | 0.53 | 0.94 | 1.37 | 2.6 | 5.44 | |
| 2017 | 0.59 | 0.91 | 1.06 | 1.29 | 3.85 | |
| 2016 | 0.63 | 1.58 | 1.01 | 1.34 | 2.98 | |
| 2015 | 0.50 | 0.79 | 0.96 | 1.21 | 3.46 | |
| 2014 | 0.35 | 0.61 | 0.78 | 1.06 | 2.8 | |
| 2013 | 0.26 | 0.61 | 0.54 | 0.74 | 2.15 | |
| 2012 | 0.08 | 2.06 | 0.40 | 0.57 | 3.11 | |
| 2011 | 0.14 | 0.07 | 0.11 | 0.16 | 0.48 | |
| 2010 | -0.04 | 0.21 | 0.16 | 0.18 | 0.51 | |
| 2009 | -0.98 | -0.76 | -0.97 | 0.26 | -2.45 | |
| 2008 | -0.56 | -0.76 | -0.56 | -5.13 | -7.01 | |
| 2007 | 0.43 | -1.55 | -3.25 | -7.94 | -12.31 | |
| 2006 | 1.58 | 2.00 | 1.30 | -1.19 | 3.69 | |
| 2005 | 1.17 | 1.48 | 2.06 | 3.52 | 8.23 |