AI Earnings Predictions for Lennar Corporation (LEN)

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Contact:

Jorge Almeida

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Third Quarter 2026 Results

Third Quarter 2026 Highlights

•Net earnings per diluted share of $1.19 ($1.23 excluding mark-to-market losses on technology investments and one-time items in the Company's Financial Services segment)

•Net earnings of $284 million

•New orders decreased 9%, to 20,879 homes, compared to prior year

•Backlog of 16,857 homes with a dollar value of $6.3 billion

•Deliveries decreased 3%, to 20,840 homes, compared to prior year

•Total revenues of $8.0 billion

•Homebuilding operating earnings of $502 million

◦Gross margin on home sales of 15.8%

◦S,G&A expenses as a % of revenues from home sales of 9.2%

◦Net margin on home sales of 6.6%

•Financial Services operating earnings of $129 million

•Multifamily operating loss of $3 million

•Lennar Other operating loss of $84 million

•Homebuilding cash and cash equivalents of $1.2 billion

•Redeemed $400 million of 5.25% senior notes due June 2026

•Outstanding borrowings of $650 million under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 16.6%

•Repurchased 3 million shares of Lennar common stock for $256 million

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Miami, September 16, 2026 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its third quarter ended August 31, 2026. Third quarter net earnings attributable to Lennar in 2026 were $284 million, or $1.19 per diluted share, compared to third quarter net earnings attributable to Lennar in 2025 of $591 million, or $2.29 per diluted share. Excluding mark-to-market losses of $53 million on technology investments and one-time items of $39 million, net, in the Company's Financial Services segment, third quarter net earnings attributable to Lennar in 2026 were $294 million, or $1.23 per diluted share, compared to $516 million, or $2.00 per diluted share, excluding mark-to-market gains of $99 million on technology investments, in the third quarter of 2025.

Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar, said, “Our third quarter 2026 results reflect consistent focus on our operating strategy of maintaining volume and production while navigating a challenging economic environment. While our earnings of $1.19 per share were below expectations, they reflect the nature of the environment in which we are operating, which has deteriorated since our last earnings call.”

“Mortgage rates increased through the quarter, with the 30-year rate at approximately 6.8% at quarter end and even higher since. Rates are responding as inflation remains above the Fed’s target, driven by geopolitical tension and higher oil prices. Additionally, consumer confidence has declined as rates and affordability have driven more consumers to slow their purchase decision. Nevertheless, even while market conditions have weakened, the overall housing environment remains constructive as housing shortages continue to drive demand from both primary buyers as well as ‘single-family for rent’ and ‘build-to-rent’ buyers.”

“Against that backdrop, our team adhered to our strategy of leveraging consistent volume in order to drive costs lower. We delivered 20,840 homes, within our guidance of 20,500 to 21,500, generated 20,879 new orders and produced total revenues of $8.0 billion. Our starts pace and sales pace were both 4.1 homes per community per month across our 1,713 active communities, reflecting the even-flow balance that drives efficiency.”

“By maintaining volume, we have improved execution across numerous key metrics. Our construction cost per square foot improved another 1% sequentially, 6% year over year, and 14% since our fourth quarter 2023 baseline. Our cycle time reached a new record low of 116 days, down from 121 days last quarter and 126 days a year ago. Additionally, we reduced our completed, unsold inventory to 1.8 homes per community from 2.1 homes per community last quarter, and our inventory turn stands at 2.4 times. Of the approximately 488,000 homesites we own and control, we own fewer than 2.5%, on our balance sheet. Finally, we ended the quarter with $1.2 billion in cash, as we repurchased 3 million shares of stock for $256 million and repaid $400 million of senior notes.”

“Our average sales price was $372,000, reflecting approximately 12.0% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constraint. Our gross margin improved sequentially to 15.8%, with SG&A of 9.2% resulting in a net margin of 6.6%.”

“Looking ahead to the fourth quarter of 2026, we expect to generate new orders of approximately 19,500 to 20,500 homes, and to deliver approximately 22,000 to 23,000 homes with gross margin of approximately 15.5% to 16.0%. We expec

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Contact:

Jorge Almeida

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Second Quarter 2026 Results

Second Quarter 2026 Highlights

•Net earnings per diluted share of $1.24 ($1.31 excluding mark-to-market losses on technology investments)

•Net earnings of $305 million

•New orders decreased 4% year over year to 21,749 homes

•Backlog of 16,818 homes with a dollar value of $6.6 billion

•Deliveries increased 2% year over year to 20,519 homes

•Total revenues of $7.9 billion

•Homebuilding operating earnings of $489 million

◦Gross margin on home sales of 15.6%

◦S,G&A expenses as a % of revenues from home sales of 9.2%

◦Net margin on home sales of 6.4%

•Financial Services operating earnings of $100 million

•Multifamily operating earnings of $18 million

•Lennar Other operating loss of $39 million

•Homebuilding cash and cash equivalents of $1.8 billion

•No outstanding borrowings under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 15.8%

•Repurchased 5 million shares of Lennar common stock for $447 million

•Redeemed $400 million of 5.25% senior notes due in June 2026, subsequent to May 31, 2026

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2-2-2

Miami, June 11, 2026 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2026. Second quarter net earnings attributable to Lennar in 2026 were $305 million, or $1.24 per diluted share, compared to second quarter net earnings attributable to Lennar in 2025 of $477 million, or $1.81 per diluted share. Excluding pretax mark-to-market losses of $23 million and $29 million on technology investments, respectively, second quarter net earnings attributable to Lennar in 2026 were $322 million, or $1.31 per diluted share compared to $499 million or $1.90 per diluted share in the second quarter of 2025.

Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar, said, "Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years – persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices. Against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform.

"We delivered 20,519 homes, within our guidance of 20,000 to 21,000, generated 21,749 new orders and produced earnings per share of $1.31 excluding mark-to-market losses. Our average sales price was $371,000, reflecting approximately 12.9% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constant. Our gross margin improved sequentially to 15.6% while our net margin increased to 6.4%."

"Our continued focus on operational execution is reflected across numerous key metrics. Our construction costs improved another 2% sequentially and 13% over the last several years. Our cycle time reached a new record low of 121 days, down from 122 days last quarter and 132 days a year ago. We reduced our inventory to 2.1 homes per community from 3 homes per community last quarter, and our inventory turn stands at 2.5 times. Less than 5% of our land is on our balance sheet and our total owned homebuilding inventory has declined from $11.4 billion a year ago to $10.9 billion today. Finally, we ended the quarter with $1.8 billion in cash as we purchased 5 million shares of stock for $447 million.”

"Looking ahead to the third quarter of 2026, we expect to deliver approximately 20,500 to 21,500 homes with gross margin improving to approximately 16% as volume increases, incentive levels continue to moderate, and our cost discipline continues to gain traction. We expect our average sales price to be in the range of approximately $375,000 to $380,000 and our SG&A to improve toward 8.8% to 9.0%. Given current pressure on interest rates and geopolitical uncertainty we are moderating our target full-year 2026 deliveries to approximately 82,000 to 83,000 homes."

"In order to help clearly communicate our operating strategy and operating model, we are pleased to announce the publication of a new Investor Deck on the Lennar Investor Relations website tomorrow morning. This deck has been designed to give investors a current view of Lennar's transformation, our asset-light operating model, our technology platform, and our path to margin recovery and long-term value creation. We believe it provides important context for understanding not just where we are today, but where we are going, and why we remain so confident about Lennar's long-term position."

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Mr. Miller concluded, "Our strategy consistently has been to execute around the af

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Contact:

Diane Bessette

Chief Financial Officer

Lennar Corporation

(305) 229-6419

FOR IMMEDIATE RELEASE

Lennar Reports First Quarter 2026 Results

First Quarter 2026 Highlights

•Net earnings per diluted share of $0.93 ($0.88 excluding mark-to-market gains on technology investments)

•Net earnings of $229 million

•New orders increased 1% year over year to 18,515 homes

•Backlog of 15,588 homes with a dollar value of $6.0 billion

•Deliveries decreased 5% year over year to 16,863 homes

•Total revenues of $6.6 billion

•Homebuilding operating earnings of $373 million

◦Gross margin on home sales of 15.2%

◦S,G&A expenses as a % of revenues from home sales of 9.8%

◦Net margin on home sales of 5.3%

•Financial Services operating earnings of $91 million

•Multifamily operating earnings of $18 million

•Lennar Other operating loss of $5 million

•Homebuilding cash and cash equivalents of $2.1 billion

•No outstanding borrowings under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 15.7%

•Repurchased 2 million shares of Lennar common stock for $237 million

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2-2-2

Miami, March 12, 2026 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its first quarter ended February 28, 2026. First quarter net earnings attributable to Lennar in 2026 were $229 million, or $0.93 per diluted share, compared to first quarter net earnings attributable to Lennar in 2025 of $520 million, or $1.96 per diluted share. Excluding pretax mark-to-market gains of $15 million on technology investments, first quarter net earnings attributable to Lennar in 2026 were $218 million, or $0.88 per diluted share. Excluding pretax mark-to-market losses of $63 million on technology investments, first quarter net earnings attributable to Lennar in 2025 were $567 million or $2.14 per diluted share.

Stuart Miller, Executive Chairman and Chief Executive Officer of Lennar, said, "Our first quarter of fiscal year 2026 was defined by the same persistent headwinds that have challenged the housing market for over three years - high mortgage rates, constrained affordability, cautious consumer sentiment, and geopolitical uncertainty, especially now including the recent conflict in Iran. As our results reflect, Lennar remained focused on executing our consistent operating strategy to maintain production and support housing supply, while driving structural improvements across our business."

"During the first quarter, we delivered 16,863 homes, generated 18,515 new orders, and maintained our disciplined, production-first operating strategy. Our average sales price was $374,000, reflecting the continued use of approximately 14% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constraint. Gross margin came in at 15.2%, with SG&A of 9.8%, resulting in a net margin of 5.3%."

"Our strategy has been to actively design around the affordability challenge rather than waiting it out. We have focused on prioritizing volume to create durable scale advantages, delivering that volume at lower prices, and ultimately improving margins. Operationally, our starts pace of 3.4 homes per community per month and sales pace of 3.6 reflect a measured, even-flow approach across our 1,678 active communities. Our cycle time improved to 122 days, our shortest ever, and our inventory turn increased to 2.5 times, reflecting the strength of our land-light model, as well as improved execution across our construction operations and supply chain. Additionally, our construction costs improved just over 2.5% in the first quarter and have decreased 12% over the last two years, even as labor remains constrained and materials face constant pricing pressure."

"In the second quarter, we expect to deliver approximately 20,000 to 21,000 homes with gross margin improving to 15.5% to 16% and SG&A improving to 8.9% to 9.1%, as volume increases and the spring selling season unfolds."

Mr. Miller concluded, "While the broader market remains challenged in the near term, exacerbated by current events, we are continuing to operate with conviction and clarity. The fundamental shortage of housing in America has not been solved - demand is real, deferred, and building. As affordability gradually improves, as rates find a more stable footing, and as the nation begins in earnest to address the regulatory and entitlement barriers that constrain supply, Lennar is extremely well positioned for long-term growth. But, until then, we are building the homes America needs, at the prices the market can absorb, with an operating platform that is continuously improving and becoming more efficient every quarter."

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RESULTS OF OPERATIONS

FIRST QUARTER 2026 COMPARED TO FIRST QUARTER 2025

Homebuilding

Revenues from home sales decreased 13% in the first quar

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Fourth Quarter and Fiscal 2025 Results

2025 Fourth Quarter Highlights

•Net earnings per diluted share of $1.93; $2.03 excluding adjustments of:

◦$123 million mark-to-market gains on technology investments, and

◦$156 million one-time loss on previously announced Millrose Properties, Inc. ("Millrose") exchange offer

•Net earnings of $490 million

•New orders increased 18% year over year to 20,018 homes

•Backlog of 13,936 homes with a dollar value of $5.2 billion

•Deliveries increased 4% year over year to 23,034 homes

•Total revenues of $9.4 billion

•Homebuilding operating earnings of $718 million

◦ Gross margin on home sales of 17.0%; net margin of 9.1%

•Financial Services operating earnings of $134 million

•Multifamily operating loss of $44 million

•Lennar Other operating earnings of $61 million

•Homebuilding cash and cash equivalents of $3.4 billion

•No outstanding borrowings under the Company's $3.1 billion revolving credit facility

•$1.7 billion outstanding under the Company's term loan facility

•Homebuilding debt to total capital of 15.7%

•Completed non-cash repurchase of 8.0 million Lennar shares through Millrose exchange offer

2025 Fiscal Year Highlights

•Net earnings per diluted share of $7.98; $8.06 excluding adjustments of:

◦ $130 million mark-to-market gains on technology investments, and

◦ $156 million one-time loss on Millrose exchange offer

•Net earnings of $2.1 billion

•New orders increased 9% year over year to 83,978 homes

•Deliveries increased 3% year over year to 82,583 homes

•Total revenues of $34.2 billion

•Gross margin on home sales of 17.7%; net margin of 9.3%

•Completed spin-off of Millrose and acquisition of Rausch Coleman Homes' homebuilding operations in February

•Repurchased 22.1 million shares; 14.1 million shares of Lennar common stock for $1.7 billion in cash and 8.0 million shares through Millrose exchange offer

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Miami, December 16, 2025 -- 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, 2025. Fourth quarter net earnings attributable to Lennar in 2025 were $490 million, or $1.93 per diluted share, compared to $1.1 billion, or $4.06 per diluted share in the fourth quarter of 2024. Excluding mark-to-market gains on technology investments of $123 million and one-time loss of $156 million on the previously announced Millrose Properties, Inc. ("Millrose") exchange offer, fourth quarter net earnings attributable to Lennar in 2025 were $514 million, or $2.03 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2024 of $1.1 billion, or $4.03 per diluted share, excluding mark-to-market gains on technology investments of $13 million. Net earnings attributable to Lennar for the year ended November 30, 2025 were $2.1 billion, or $7.98 per diluted share, compared to $3.9 billion, or $14.31 per diluted share for the year ended November 30, 2024. Excluding mark-to-market gains on technology investments of $130 million and one-time loss of $156 million on the Millrose exchange offer, net earnings attributable to Lennar for the year ended November 30, 2025 were $2.1 billion, or $8.06 per diluted share, compared to $3.8 billion, or $13.86 per diluted share for the year ended November 30, 2024, excluding $25 million mark-to-market gains on technology investments and other one-time items.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “Even as interest rates moved slightly lower in our fourth quarter, the overall market remained challenged. Accordingly, our fourth quarter and full year 2025 results reflect a disciplined commitment to increasing housing supply in a market constrained by affordability challenges, as well as weak consumer confidence. Despite the added pressure of a six-week government shutdown, we continued to build and sell homes, adapting as needed to changing market conditions.”

“During the quarter, we delivered 23,034 homes and achieved 20,018 new orders. Our average sales price was $386,000, while our gross margin was 17%, with SG&A at 7.9%, resulting in a net margin of 9.1%.”

“To address continued market declines, we maintained approximately 14% in incentives and price adjustments, while continuing to focus on volume. Deliveries for 2025 exceeded those of 2024 by more than 2,300 homes or approximately 3%, for a total of 82,583.”

“Even as market conditions softened, we prioritized providing supply for a healthier housing market, while driving down costs to support affordability. Our strategy remains consistent and clear: maintain volume, adapt to evolving conditions, reduce costs, and support housing affordability.”

Jon Jaffe, Lennar’s Co-Chief Executive Officer and Presi

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Third Quarter 2025 Results

Third Quarter 2025 Highlights - comparisons to the prior year quarter

•Net earnings per diluted share of $2.29 ($2.00 excluding mark-to-market gains on technology investments)

•Net earnings of $591 million

•New orders increased 12% to 23,004 homes

•Backlog of 16,953 homes with a dollar value of $6.6 billion

•Deliveries of 21,584 homes - consistent with prior year

•Total revenues of $8.8 billion

•Homebuilding operating earnings of $760 million

◦Gross margin on home sales of 17.5%

◦SG&A expenses as a % of revenues from home sales of 8.2%

◦Net margin on home sales of 9.2%

•Financial Services operating earnings of $178 million

•Multifamily operating loss of $16 million

•Lennar Other operating earnings of $62 million

•Years supply of owned homesites of 0.1 years

•Controlled homesites of 98%

•Homebuilding cash and cash equivalents of $1.4 billion

•Outstanding borrowings of $1.1 billion under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 13.5%

•Repurchased 4.1 million shares of Lennar common stock for $507 million

(more)

2-2-2

Miami, September 18, 2025 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its third quarter ended August 31, 2025. Third quarter net earnings attributable to Lennar in 2025 were $591 million, or $2.29 per diluted share, compared to third quarter net earnings attributable to Lennar in 2024 of $1.2 billion, or $4.26 per diluted share. Excluding mark-to-market gains of $99 million on technology investments, third quarter net earnings attributable to Lennar in 2025 were $516 million, or $2.00 per diluted share. Excluding mark-to-market gains of $39 million on technology investments and one-time items of $89 million in the Company's Multifamily segment, third quarter net earnings attributable to Lennar in 2024 were $1.1 billion or $3.90 per diluted share.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “Our third quarter results reflect both the continued pressures of today’s housing market and the consistency of Lennar’s operating strategy. This quarter, we delivered 21,584 homes and recorded 23,004 new orders. Achieving these results required additional incentives, resulting in a reduced average sales price of $383,000, and our gross margin drifted down to 17.5%, while our SG&A expenses came in at 8.2%, reflecting the soft market conditions.”

Mr. Miller continued, “While our current results reflect incentives and price adjustments to match market conditions, our scale and technology investments are building the foundation for structural cost efficiencies. Backed by a strong balance sheet and disciplined execution, we remain confident in our ability to build margin as conditions stabilize and to create sustained value.”

Jon Jaffe, Lennar’s Co-Chief Executive Officer and President, added, “During the quarter, we achieved a starts pace and sales pace of 4.4 homes and 4.7 homes per community per month, respectively, as we used targeted incentives, including mortgage rate buydowns, to sustain momentum. Additionally, we carefully managed our inventory levels, ending the quarter with fewer than two completed, unsold homes per active community, which is within our historical range. Inventory turns improved to 1.9 times, and cycle time improved to 126 days, the shortest cycle time we’ve ever experienced. This reflects the impact of our production-first approach and continued successful negotiations with our trade partners. These efficiency gains, together with our digital marketing and land-management initiatives, position us to deliver consistent volume, support affordability, and drive further improvements in our cost structure.”

Mr. Miller concluded, “Interest rates remained elevated throughout the third quarter, but then declined towards the quarter’s end. This downward trend, paired with the Fed’s recent rate cut, gives us optimism as we head into the fourth quarter. Therefore, we believe that now is a good time to moderate our volume and allow the market to catch up. Accordingly, for the fourth quarter of 2025, we expect new orders of 20,000 - 21,000 homes, deliveries of 22,000 - 23,000 homes, and gross margin of approximately 17.5%, consistent with the third quarter, depending on market conditions.”

“Looking ahead, the long-term need for housing remains, and we are committed to meeting affordability, sustaining even-flow production, and lowering costs through efficiency and scale.”

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RESULTS OF OPERATIONS

THREE MONTHS ENDED AUGUST 31, 2025 COMPARED TO

THREE MONTHS ENDED AUGUST 31, 2024

As previously announced on February 10, 2025, Lennar Corporation completed its acquisition of Rausch Coleman Homes. Prior year i

EX-99.1

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EX-99

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Second Quarter 2025 Results

Second Quarter 2025 Highlights - comparisons to the prior year quarter

•Net earnings per diluted share of $1.81 ($1.90 excluding mark-to-market losses on technology investments)

•Net earnings of $477 million

•New orders increased 6% to 22,601 homes

•Backlog of 15,538 homes with a dollar value of $6.5 billion

•Deliveries increased 2% to 20,131 homes

•Total revenues of $8.4 billion

•Homebuilding operating earnings of $728 million

◦Gross margin on home sales of 17.8% (18.0% excluding purchase accounting)

◦SG&A expenses as a % of revenues from home sales of 8.8%

◦Net margin on home sales of 8.9% (9.2% excluding purchase accounting)

•Financial Services operating earnings of $157 million

•Multifamily operating loss of $15 million

•Lennar Other operating loss of $53 million

•Years supply of owned homesites of 0.1 years

•Controlled homesites of 98%

•Homebuilding cash and cash equivalents of $1.2 billion; total liquidity of $5.4 billion

•Issued $700 million of 5.20% senior notes due 2030, primarily used to redeem $500 million of 4.75% senior notes due in May 2025

•Outstanding borrowings of $400 million under the Company's $3.0 billion revolving credit facility

•Homebuilding debt to total capital of 11.0%

•Repurchased 4.7 million shares of Lennar common stock for $517 million

(more)

2-2-2

Miami, June 16, 2025 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2025. Second quarter net earnings attributable to Lennar in 2025 were $477 million, or $1.81 per diluted share, compared to second quarter net earnings attributable to Lennar in 2024 of $954 million, or $3.45 per diluted share. Excluding mark-to-market losses on technology investments, second quarter net earnings attributable to Lennar in 2025 were $499 million, or $1.90 per diluted share. Excluding mark-to-market losses on technology investments and one-time gain on the sale of a technology investment, second quarter net earnings attributable to Lennar in 2024 were $935 million or $3.38 per diluted share.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "While we continue to see softness in the housing market due to affordability challenges and a decline in consumer confidence, we adhered to our strategy of driving starts, sales, and closings in order to build long-term efficiencies in our business.”

“During the quarter, we drove new orders to 22,601 homes, within our guidance, and delivered 20,131 homes, also within our guidance, as we continued to focus on matching production pace with sales pace. Accordingly, we ended the quarter with limited inventory of 2,900 homes, which is fewer than two completed, unsold homes per community, and continues to be within our historical range."

"Reflecting softer market conditions, our average sales price, net of incentives, declined to $389,000. As mortgage interest rates remained higher and consumer confidence continued to weaken, we drove volume with starts while incentivizing sales to enable affordability and help consumers to purchase homes. Additionally, our gross margin was 18.0% excluding purchase accounting, which met guidance, and our SG&A expenses ran higher at 8.8%, reflecting further investment and engagement in future efficiencies. We produced a 9.2% net margin, all contributing to earnings of $477 million, or $1.81 per diluted share."

"During the quarter, our balance sheet remained strong. We repaid $500 million of our 4.75% senior notes due in May 2025, issued $700 million in debt, and repurchased $517 million of our common stock. We ended the quarter with $5.4 billion in liquidity, and a homebuilding debt to total capital of 11.0%."

Jon Jaffe, Lennar’s Co-Chief Executive Officer and President, added, “On the operational front, our starts pace and sales pace in the second quarter were 5.1 homes and 4.7 homes per community per month, respectively, as we continue to move towards an even flow operating model. Our production-first focus led to a cycle time of 132 days this quarter, 12% lower than last year, which has a positive impact on our construction efficiency. In addition, our inventory turn improved to 1.8 times, compared to 1.6 last year, in part reflecting these efficiencies and, in part, as a result of our asset-light land strategy.”

Mr. Miller concluded, "We continue to focus on consistent volume and pace as we drive efficiencies through every part of our platform in order to realize improved margin even as market conditions soften. As we look ahead to the third quarter, we expect new orders between 22,000 and 23,000 homes, deliveries between 22,000 and 23,000 homes, and expect our gross margin to remain approximately 18%, all depending on m

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports First Quarter 2025 Results

First Quarter 2025 Highlights - comparisons to the prior year quarter

•Net earnings per diluted share of $1.96 ($2.14, excluding mark-to-market losses on technology investments)

•Net earnings of $520 million

•New orders increased 1% to 18,355 homes; new orders dollar value decreased 4% to $7.4 billion

•Backlog of 13,145 homes with a dollar value of $5.8 billion

•Deliveries increased 6% to 17,834 homes

•Total revenues of $7.6 billion

•Homebuilding operating earnings of $809 million

◦Gross margin on home sales of 18.7% (18.8% before purchase accounting)

◦S,G&A expenses as a % of revenues from home sales of 8.5%

◦Net margin on home sales of 10.2%

•Financial Services operating earnings of $143 million

•Multifamily operations were breakeven

•Lennar Other operating loss of $89 million

•Homebuilding cash and cash equivalents of $2.3 billion

•Years supply of owned homesites of 0.2 years, lowest in the Company's history

•Controlled homesites of 98%, highest in the Company's history

•No outstanding borrowings under the Company's $3.0 billion revolving credit facility

•Homebuilding debt to total capital of 8.9%

•Repurchased 5.2 million shares of Lennar common stock for $703 million

•Completed spin-off of Millrose Properties, Inc. on February 7th

•Completed acquisition of Rausch Coleman Homes' homebuilding operations on February 10th

(more)

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Miami, March 20, 2025 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its first quarter ended February 28, 2025. First quarter net earnings attributable to Lennar in 2025 were $520 million, or $1.96 per diluted share, compared to first quarter net earnings attributable to Lennar in 2024 of $719 million, or $2.57 per diluted share. Excluding mark-to-market losses on technology investments, first quarter net earnings attributable to Lennar in 2025 were $567 million, or $2.14 per diluted share, compared to first quarter net earnings attributable to Lennar in 2024 were $723 million or $2.58 per diluted share.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “We are pleased to report our 2025 first quarter results that were both constructive and strategic for Lennar. During the quarter, we continued to focus on our strategy of matching production pace with sales pace and maintaining even flow production. Additionally, during the quarter we distributed shares of Millrose Properties, Inc. (“Millrose”) to our shareholders, furthering our asset-light strategy. Finally, we completed the purchase of Rausch Coleman Homes, which expanded our footprint into both new and existing markets in an asset-light manner.”

“In our first quarter, we delivered 17,834 homes, above the high end of our guidance, and recorded new orders of 18,355 homes which also exceeded the high end of our guidance, as we continued to focus matching production pace with sales pace and maintaining even flow production. Accordingly, we ended the quarter with limited inventory of two completed, unsold homes per community, which was within our historical range.”

“Reflecting continued weakness in the market, however, our average sales price, net of incentives, declined to $408,000, 1% lower than last year. Additionally, our gross margin was 18.7%, just shy of our guidance, and our SG&A expenses were 8.5%, producing a 10.2% net margin, all contributing to earnings of $520 million, or $1.96 per diluted share.”

“Our first quarter was marked by a challenging macroeconomic environment for homebuilding. While demand remains strong, persistently higher interest rates and inflation, combined with a downturn in consumer confidence and a limited supply of affordable homes, made it increasingly difficult for consumers to access homeownership.

“We continued to use incentives, including interest rate buydowns, to reconcile home prices to market conditions. These incentives bridged affordability to activate sales and manage inventory, while continuing to provide supply to the market. Generally speaking, net prices for homes, together with rents in overbuilt apartment markets, have started to decline, as demand remains constrained by affordability.”

“During the quarter, we also constructively allocated capital, while we continued to strengthen and fortify our balance sheet. We repurchased $703 million of our common stock, we distributed shares of Millrose to our shareholders and issued our regular dividend. We ended the quarter with no outstanding borrowings on our $3.0 billion revolving credit facility, cash of $2.3 billion, and with homebuilding debt to total capital of 8.9%. Our balance sheet remains extremely strong.”

Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, "Operationally, o

EX-99.1

2 ex991-20241130x8kq4.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Fourth Quarter and Fiscal 2024 Results

2024 Fourth Quarter Highlights – comparisons to the prior year quarter

•N

•et 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%

(more)

2-2-2

Miami, December 18, 2024 -- 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. Excluding mark-to-market gains on technology investments, fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion, or $4.03 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2023 of $1.5 billion, or $5.17 per diluted share, excluding mark-to-market losses on technology investments and other one-time items (collectively, "adjustments"). Net earnings attributable to Lennar for the year ended November 30, 2024 were $3.9 billion, or $14.31 per diluted share, compared to $3.9 billion, or $13.73 per diluted share for the year ended November 30, 2023. Excluding adjustments, net earnings attributable to Lennar for the year ended November 30, 2024 were $3.8 billion, or $13.86 per diluted share, compared to $4.1 billion, or $14.25 per diluted share for the year ended November 30, 2023.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "In the course of our fourth quarter, the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose almost 100 basis points through the quarter. Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates."

"Accordingly, in our fourth quarter, sales pace lagged expectations as interest rates climbed and our new orders fell short of expectations to 16,895 homes vs the low end of our guidance of 19,000 homes. Consistent with our strategy of matching sales pace with production, we adjusted sales price, incentives, and margin in order to re-ignite sales and actively manage inventory levels. We ended the quarter with two completed, unsold homes per community, which was within our historical range."

"In the fourth quarter, earnings were $1.1 billion, or $4.06 per diluted share. We delivered 22,206 homes in the quarter and our average sales price, net of incentives, per home delivered was $430,000 in the fourth quarter, slightly down from last year. Our homebuilding gross margin in the fourth quarter was 22.1%, with SG&A expenses of 7.2%, resulting in a 14.9% net margin."

"Driven by our consistent focus on cash flow, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $521 million of our common stock, had no outstanding borro

EX-99.1

2 ex991-2024831x8kq3.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Third Quarter 2024 Results

Third Quarter 2024 Highlights - comparisons to the prior year quarter

•Net earnings per diluted share increased 10% to $4.26

◦$3.90, excluding mark-to-market gains on technology investments and one-time items in the Company's Multifamily segment

•Net earnings increased 5% to $1.2 billion

•New orders increased 5% to 20,587 homes

•Backlog of 16,944 homes with a dollar value of $7.7 billion

•Deliveries increased 16% to 21,516 homes

•Total revenues of $9.4 billion

•Homebuilding operating earnings of $1.5 billion

◦Gross margin on home sales of 22.5%

◦S,G&A expenses as a % of revenues from home sales of 6.7%

◦Net margin on home sales of 15.8%

•Financial Services operating earnings of $144 million

•Multifamily operating earnings of $79 million

•Lennar Other operating earnings of $20 million

•Homebuilding cash and cash equivalents of $4.0 billion

•Years supply of owned homesites of 1.1 years and controlled homesites of 81%

•No outstanding borrowings under the Company's $2.2 billion revolving credit facility

•Homebuilding debt to total capital of 7.6%

•Repurchased 3.4 million shares of Lennar common stock for $519 million

(more)

2-2-2

Miami, September 19, 2024 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its third quarter ended August 31, 2024. Third quarter net earnings attributable to Lennar in 2024 were $1.2 billion, or $4.26 per diluted share, compared to third quarter net earnings attributable to Lennar in 2023 of $1.1 billion, or $3.87 per diluted share. Excluding mark-to-market gains of $39 million on technology investments and one-time items of $89 million in the Company's Multifamily segment, third quarter net earnings attributable to Lennar in 2024 were $1.1 billion, or $3.90 per diluted share. Excluding mark-to-market losses of $16 million on technology investments, third quarter net earnings attributable to Lennar in 2023 were $1.1 billion or $3.91 per diluted share.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “We are pleased to report another solid quarter backed by an economic environment that remains very constructive for homebuilders. Employment was strong, housing supply remained chronically short due to production deficits of over a decade, and demand was solid driven by strong household formation. Although affordability continued to be tested during the quarter, purchasers remained responsive to increased sales incentives, resulting in a 16% increase in our deliveries and a 5% increase in our new orders year over year.”

“This week, the Fed decreased interest rates which should start to enhance affordability and accelerate the already strong demand for both new and existing homes. While strong demand, enabled by incentives and mortgage rate buydowns, has driven the new home market over the past two years, we fully expect an even stronger, and more broad-based demand cycle, as rates move lower. Lower rates and controlled inflation will likely boost confidence.”

“Against this backdrop, earnings were $1.2 billion, or $4.26 per diluted share. We delivered 21,516 homes in our third quarter and our new orders were 20,587. Our average sales price, net of incentives, per home delivered was $422,000 in the third quarter, slightly down from last year, and our homebuilding gross margin in the third quarter was 22.5%, mildly lower than expectations, and offset by SG&A expenses of 6.7%, which were better than expectations, resulting in a 15.8% net margin.”

“Driven by this quarter's strong operating performance, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $519 million of our common stock, had no outstanding borrowings on our $2.2 billion revolver and cash of $4.0 billion, ending the quarter with homebuilding debt to total capital of 7.6%. With cash on hand exceeding our debt, and with overall liquidity of $6.2 billion, our balance sheet remains extremely strong. Against that backdrop, we remain focused on our 'land strategies' initiatives in order to intensify our land light focus and assure consistency of execution now and in the future as we embrace an ever-more focused manufacturing model for Lennar.”

Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, “Operationally, our starts pace and sales pace were 5.4 homes and 5.5 homes per community in the third quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 140 days, or 23% lower year over year, as our production first focus has positively impacted our production times, while our inventory turn improved to 1.6 times reflecting broader efficiencies. Concurren

EX-99.1

2 ex991-2024531x8kq2.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Second Quarter 2024 Results

Second Quarter 2024 Highlights - comparisons to the prior year quarter

•Net earnings per diluted share increased 15% to $3.45

◦$3.38, excluding mark-to-market losses on technology investments and one-time gain on sale of a technology investment

•Net earnings increased 9% to $954 million

•New orders increased 19% to 21,293 homes

•Backlog of 17,873 homes with a dollar value of $8.2 billion

•Deliveries increased 15% to 19,690 homes

•Total revenues of $8.8 billion

•Homebuilding operating earnings of $1.3 billion

◦Gross margin on home sales of 22.6%

◦S,G&A expenses as a % of revenues from home sales of 7.5%

◦Net margin on home sales of 15.1%

•Financial Services operating earnings of $146 million

•Multifamily operating loss of $20 million

•Lennar Other operating loss of $28 million

•Homebuilding cash and cash equivalents of $3.6 billion

•Years supply of owned homesites of 1.2 years and controlled homesites of 79%

•No outstanding borrowings under the Company's $2.2 billion revolving credit facility

•Homebuilding debt to total capital of 7.7%

•Redeemed $454 million aggregate principal amount of its 4.50% senior notes due April 2024

•Repurchased $100 million aggregate principal amount of its 4.75% senior notes due November 2027

•Repurchased 3.8 million shares of Lennar common stock for $603 million

(more)

2-2-2

Miami, June 17, 2024 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2024. Second quarter net earnings attributable to Lennar in 2024 were $954 million, or $3.45 per diluted share, compared to second quarter net earnings attributable to Lennar in 2023 of $872 million, or $3.01 per diluted share. Excluding mark-to-market losses on technology investments and one-time gain on the sale of a technology investment, second quarter net earnings attributable to Lennar in 2024 were $935 million, or $3.38 per diluted share. Excluding mark-to-market gains on technology investments, second quarter net earnings attributable to Lennar in 2023 were $852 million or $2.94 per diluted share.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “We are pleased to report another strong quarter against the backdrop of evolving market conditions as interest rates rose for most of the quarter and then subsided as the quarter closed. Although affordability continued to be tested by interest rate movements and simultaneously challenged consumer sentiment, purchasers remained responsive to increased sales incentives, resulting in a 19% increase in our new orders and a 15% increase in our deliveries year over year. The macroeconomic environment remained relatively consistent with employment remaining strong, housing supply remaining chronically short due to production deficits over a decade, and demand strength driven by strong household formation. We remained focused on consistent production pace driving sales pace, while using pricing, incentives, marketing spend and margin adjustment to enable consistent sales volume in a fluctuating interest rate environment.”

“Earnings were $954 million, or $3.45 per diluted share, compared to $872 million, or $3.01 per diluted share last year. We delivered 19,690 homes in our second quarter and our new orders were 21,293. Our average sales price, net of incentives, per home delivered was $426,000 in the second quarter, down 5% from last year, and our homebuilding gross margin in the second quarter was 22.6%, up 10 basis points from last year, as a result of our careful management of incentives combined with our intense focus on reducing construction costs, while homebuilding S,G&A expenses were 7.5%, resulting in a 15.1% net margin.”

“Driven by this quarter's strong operating performance, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $603 million of our common stock and repaid $554 million of senior notes ending the quarter with homebuilding debt to total capital of 7.7%, no borrowings on our $2.2 billion revolver and cash of $3.6 billion. With cash on hand exceeding our debt, and with overall liquidity of $5.8 billion, our balance sheet remains extremely strong. Against that backdrop, we remain focused on our “land strategies” initiatives in order to intensify our land light focus and assure consistency of execution now and in the future as we embrace an ever-more focused manufacturing model for Lennar.”

Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, “Operationally, our starts pace and sales pace were 5.8 homes and 5.7 homes per community in the second quarter, respectively, as we continue to move closer to an even flow operati

EX-99.1

2 ex991-2024229x8kq1.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports First Quarter 2024 Results

First Quarter 2024 Highlights - comparisons to the prior year quarter

•Net earnings per diluted share increased 25% to $2.57

•Net earnings increased 21% to $719 million

•New orders increased 28% to 18,176 homes; new orders dollar value increased 21% to $7.7 billion

•Backlog of 16,270 homes with a dollar value of $7.4 billion

•Deliveries increased 23% to 16,798 homes

•Total revenues increased 13% to $7.3 billion

•Homebuilding operating earnings of $1.0 billion

◦Gross margin on home sales of 21.8%

◦S,G&A expenses as a % of revenues from home sales of 8.2%

◦Net margin on home sales of 13.6%

•Financial Services operating earnings of $131 million

•Multifamily operating loss of $16 million

•Lennar Other operating loss of $40 million

•Homebuilding cash and cash equivalents of $5.0 billion

•Years supply of owned homesites of 1.3 years and controlled homesites of 77%

•No outstanding borrowings under the Company's $2.6 billion revolving credit facility

•Homebuilding debt to total capital of 9.6%

•Repurchased 3.4 million shares of Lennar common stock for $506 million

•Increased stock repurchase program up to an additional $5.0 billion

•Increased annual dividend from $1.50 per share to $2.00 per share

(more)

2-2-2

Miami, March 13, 2024 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its first quarter ended February 29, 2024. First quarter net earnings attributable to Lennar in 2024 were $719 million, or $2.57 per diluted share, compared to first quarter net earnings attributable to Lennar in 2023 of $597 million, or $2.06 per diluted share.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “We are pleased to report another strong quarter as we remained focused on consistent production pace driving sales pace, while using pricing, incentives, marketing spend, and margin informed by dynamic pricing to enable consistent sales volume in a fluctuating interest rate environment. Although affordability continued to be tested by interest rate movements, purchasers remained responsive to increased sales incentives, resulting in a 28% increase in our new orders and a 23% increase in our deliveries year over year.”

“The macroeconomic environment remained relatively consistent throughout our first quarter, with interest rates fluctuating within a manageable range, employment remaining strong, housing supply remaining chronically short due to production deficits over a decade, and demand strength driven by strong household formation. Housing market fundamentals remained strong as demand continued to outweigh supply. These conditions remained constructive for our overall operating strategy of focusing on production and sales pace over price while growing market share.”

“Earnings were $719 million, or $2.57 per diluted share, compared to $597 million, or $2.06 per diluted share last year. We delivered 16,798 homes in our first quarter and our new orders were 18,176, up 28%, year over year. Our average sales price, net of incentives, per home delivered was $413,000 in the first quarter, down 8% from last year, and our homebuilding gross margin in the first quarter was 21.8%, up 60 basis points from last year, as a result of our careful management of incentives combined with our intense focus on reducing construction costs, while homebuilding S,G&A expenses were 8.2%, resulting in a 13.6% net margin.”

“Driven by this quarter’s strong operating performance, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $506 million of our common stock, ending the quarter with homebuilding debt to total capital of 9.6%, no borrowings on our $2.6 billion revolver and cash of $5.0 billion. With cash on hand exceeding our debt, and with overall liquidity of $7.6 billion, our balance sheet remains extremely strong. Against that backdrop, we remain focused on our “land strategies” initiatives in order to intensify our land light focus and assure consistency of execution now and in the future as we embrace an ever-more focused manufacturing model for Lennar.”

Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, “Operationally, both our starts pace and sales pace were 4.9 homes per community in the first quarter, as we continue to move closer to an even flow operating model. Our cycle time was down to 154 days, or 30% year over year, as our production first focus has positively impacted our production times, while our inventory turn improved to 1.5 times reflecting broader efficiencies. Concurrently, the Lennar Machine continued to carefully match our sales pace to our production pace using our digital marketing and dynamic pric

EX-99.1

2 ex991-20231130x8kq4.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Fourth Quarter and Fiscal 2023 Results

2023 Fourth Quarter Highlights

•Net earnings per diluted share of $4.82

◦$5.17, excluding mark-to-market losses on technology investments and other one-time items (collectively, "adjustments")

•Net earnings of $1.4 billion ($1.5 billion excluding adjustments)

•New orders increased 32% to 17,366 homes; new orders dollar value increased 32% to $7.3 billion

•Backlog of 14,892 homes with a dollar value of $6.6 billion

•Deliveries increased 19% to 23,795 homes

•Total revenues of $11.0 billion

•Homebuilding operating earnings of $1.9 billion

◦Gross margin on home sales of 24.2%

◦S,G&A expenses as a % of revenues from home sales of 6.6%

◦Net margin on home sales of 17.6%

•Financial Services operating earnings of $168 million

•Multifamily operating loss of $12 million

•Lennar Other operating loss of $125 million

•Homebuilding cash and cash equivalents of $6.3 billion

•Years supply of owned homesites of 1.4 years and controlled homesites of 76%

•No outstanding borrowings under the Company's $2.6 billion revolving credit facility

•Homebuilding debt to total capital improved to 9.6%

•Redeemed $378 million of 4.875% senior notes due December 2023

•Repurchased $110 million aggregate principal amount of senior notes due in April 2024 and November 2027

•Repurchased 3 million shares of Lennar common stock for $337 million

2023 Fiscal Year Highlights

•Net earnings per diluted share of $13.73 ($14.25 excluding adjustments)

•Net earnings of $3.9 billion ($4.1 billion excluding adjustments)

•New orders increased 13% to 69,111 homes

•Deliveries increased 10% to 73,087 homes

•Total revenues of $34.2 billion

•Gross margin on home sales of 23.3%; net margin of 16.4%

•Repurchased 10 million shares of Lennar common stock for $1.1 billion

•Redeemed/repurchased $1.1 billion of senior notes

•Homebuilding return on inventory of 29.4%

(more)

2-2-2

Miami, December 14, 2023 -- 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, 2023. Fourth quarter net earnings attributable to Lennar in 2023 were $1.4 billion, or $4.82 per diluted share, compared to $1.3 billion, or $4.55 per diluted share in the fourth quarter of 2022. Excluding mark-to-market losses on technology investments and other one-time items, fourth quarter net earnings attributable to Lennar in 2023 were $1.5 billion, or $5.17 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2022 of $1.5 billion, or $5.02 per diluted share. Net earnings attributable to Lennar for the year ended November 30, 2023 were $3.9 billion, or $13.73 per diluted share, compared to $4.6 billion, or $15.72 per diluted share for the year ended November 30, 2022.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "We are pleased to report another strong quarter and year end, against the backdrop of evolving, though constructive, market conditions. During our fourth quarter, the economic environment shifted as interest rates rose for most of the quarter, and then subsided. Higher interest rates tested homebuyer sentiment, although purchasers remained responsive to incentives that enabled affordability. The well documented production deficit and chronic supply shortage continued to result in housing demand outweighing short supply. These conditions remained constructive for our overall operating strategy of focusing on production and sales pace over price, generating strong cash flow, increasing returns on equity and assets, and driving a strong bottom line."

"Earnings were $1.4 billion, or $4.82 per diluted share, compared to $1.3 billion, or $4.55 per diluted share last year. We delivered 23,795 homes in our fourth quarter, a 19% increase year over year, and our new orders were 17,366, up 32%, year over year, driven by our operating strategy of maintaining production pace in lock step with sales pace, using pricing and margin as a shock absorber. Accordingly, our homebuilding gross margin in the fourth quarter was 24.2%, reflecting the pressure from higher interest rates, and our average sales price, net of incentives, per home delivered was $441,000 in the fourth quarter, compared to almost $500,000 last year while Homebuilding S,G&A expenses were 6.6%, generating a 17.6% net margin."

"Driven by this quarter’s and year’s strong operating performance, we continued to strengthen and fortify our balance sheet and our future. During the quarter, we repaid $488 million of debt and repurchased $337 million of our common stock, ending the quarter with homebuilding debt to total capital of 9.6%, the lowest in our history, no borrowings on our $2.6 billion revolver and cash of $6.3 bil

EX-99

2 ex991-2023831x8kq3.htm

EX-99

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Third Quarter 2023 Results

•Net earnings per diluted share of $3.87

◦$3.91, excluding mark-to-market losses on technology investments

•Net earnings of $1.1 billion

•Deliveries increased 8% to 18,559 homes

•New orders increased 37% to 19,666 homes; new orders dollar value increased 30% to $8.6 billion

•Backlog of 21,321 homes with a dollar value of $9.9 billion

•Total revenues of $8.7 billion

•Homebuilding operating earnings of $1.5 billion

◦Gross margin on home sales of 24.4%

◦S,G&A expenses as a % of revenues from home sales of 7.0%

◦Net margin on home sales of 17.4%

•Financial Services operating earnings of $148 million

•Multifamily operating loss of $9 million

•Lennar Other operating loss of $26 million

•Homebuilding cash and cash equivalents of $3.9 billion

•Years supply of owned homesites of 1.5 years and controlled homesites of 73%

•No outstanding borrowings under the Company's $2.6 billion revolving credit facility

•Homebuilding debt to total capital of 11.5%

•Redeemed $425 million of 5.875% homebuilding senior notes due November 2024

•Repurchased $50 million aggregate principal amount of senior notes due in fiscal year 2024

•Repurchased 3 million shares of Lennar common stock for $366 million

(more)

2-2-2

Miami, September 14, 2023 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its third quarter ended August 31, 2023. Third quarter net earnings attributable to Lennar in 2023 were $1.1 billion, or $3.87 per diluted share, compared to third quarter net earnings attributable to Lennar in 2022 of $1.5 billion, or $5.03 per diluted share. Excluding mark-to-market losses on technology investments in both years and one-time items in the prior year, third quarter net earnings attributable to Lennar in 2023 were $1.1 billion or $3.91 per diluted share, compared to third quarter net earnings attributable to Lennar in 2022 of $1.5 billion or $5.18 per diluted share.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “Market conditions remained constructive for new homebuilders during our third quarter, as the Fed continued to use tighter money supply and higher interest rates as tools to battle inflation, while enabling continued economic growth. At the same time, short housing supply, absorbed by strong primary and pent-up demand, continued to define a strong sales environment. Homebuilders continued to use incentives, including buy-downs, to offset rising interest rates and tighter capital, which limit affordability. Our solid third quarter performance reflects strong strategic focus, and even as the month of August saw another uptick in interest rates, we were able to continue to drive sales pace.”

Mr. Miller continued, "Against this backdrop, our third quarter earnings were $1.1 billion, or $3.87 per diluted share, compared to $1.5 billion, or $5.03 per diluted share last year. Our average sales price per home delivered was $448,000 in the third quarter, compared to almost $500,000 last year, and our home deliveries were 18,559, up 8%, and our new orders were 19,666, up 37%, year over year. Our homebuilding gross margin in the third quarter was 24.4%, reflecting cost reductions, and with homebuilding S,G&A expenses of 7.0%, led to a 17.4% net margin."

"While our operating performance remained strong, we continued to strengthen and fortify our balance sheet and our future. During the quarter, we repaid $475 million of debt and repurchased $366 million of our common stock ending the quarter with homebuilding debt to total capital of 11.5%, the lowest in our history, no borrowings on our $2.6 billion revolver and cash of $3.9 billion. With cash on hand exceeding our debt, and with overall liquidity of $6.5 billion, our balance sheet has never been in a stronger position."

Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, "During the quarter, we continued the execution of our land light strategy. This was evidenced by our years supply of owned homesites improving to 1.5 years from 2.2 years and our controlled homesite percentage increasing to 73% from 69% year over year.

Operationally, our cycle time during the quarter was down 32 days sequentially as the improving supply chain and labor market positively impacted our production times. Concurrently, the Lennar Machine continued to drive sales pace in concert with production. Accordingly, quarterly starts and sales pace were 4.9 homes and 5.2 homes per community, respectively, and we ended the third quarter with approximately 1,400 completed, unsold homes, about one home per community."

Mr. Miller concluded, "As the Fed continues to focus on its goal of reducing inflation, we have remained vigilant and focused on our operating strategies. As w

EX-99.1

2 ex991-2023531x8kq2.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Second Quarter 2023 Results

Second Quarter 2023 Highlights

•Net earnings per diluted share of $3.01

◦$2.94, excluding mark-to-market gains on technology investments

•Net earnings of $872 million

◦$852 million, excluding mark-to-market gains on technology investments

•Deliveries of 17,074 homes

•New orders of 17,885 homes with a dollar value of $8.2 billion

•Backlog of 20,214 homes with a dollar value of $9.5 billion

•Total revenues of $8.0 billion

•Homebuilding operating earnings of $1.2 billion

◦Gross margin on home sales of 22.5%

◦S,G&A expenses as a % of revenues from home sales of 6.7%

◦Net margin on home sales of 15.8%

•Financial Services operating earnings of $112 million

•Multifamily operating loss of $8 million

•Lennar Other operating loss of $18 million

•Homebuilding cash and cash equivalents of $4.0 billion

•Years supply of owned homesites of 1.7 years and controlled homesites of 70%

•No outstanding borrowings under the Company's $2.6 billion revolving credit facility

•Homebuilding debt to total capital of 13.3%

•Repurchased $158 million aggregate principal of Senior Notes due in fiscal year 2024

•Repurchased 2 million shares of Lennar common stock for $208 million

(more)

2-2-2

Miami, June 14, 2023 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2023. Second quarter net earnings attributable to Lennar in 2023 were $872 million, or $3.01 per diluted share, compared to second quarter net earnings attributable to Lennar in 2022 of $1.3 billion, or $4.49 per diluted share. Excluding mark-to-market gains (losses) on technology investments in both years, second quarter net earnings attributable to Lennar in 2023 were $852 million or $2.94 per diluted share, compared to second quarter net earnings attributable to Lennar in 2022 of $1.4 billion or $4.69 per diluted share.

Stuart Miller, Executive Chairman of Lennar, said, “During the quarter, we continued to see the housing market normalize and recover from the Fed’s 2022 aggressive interest rate hikes in response to elevated inflation. As consumers have come to accept a “new normal” range for interest rates, demand has accelerated, leaving the market to reconcile the chronic supply shortage derived from over a decade of production deficits. Simply put, America needs more housing, particularly affordable workforce housing, and demand is strong when price and interest rates are affordable.”

Mr. Miller continued, "Against this backdrop, our second quarter earnings were $872 million, or $3.01 per diluted share, compared to $1.3 billion, or $4.49 per diluted share last year. This quarter’s results reflect the execution of our previously articulated operating strategies of pricing to market and meeting demand with affordable pricing and incentives. Accordingly, while our average sales price per home delivered was $449,000 in the second quarter, compared to almost $500,000 at the peak last year, our home deliveries were 17,074, up 3%, and our new orders were 17,885, up 1%, year over year. Our homebuilding gross margin started to bounce back in the second quarter to 22.5%, reflecting cost reductions, and with carefully managed homebuilding S,G&A expenses of 6.7%, led to a 15.8% net margin.”

“While our operating performance remains strong, we continue to strengthen and fortify our balance sheet and our future. We ended the quarter with homebuilding debt to capital of 13.3%, the lowest in our history, no borrowings on our $2.6 billion revolver and cash of $4.0 billion. With liquidity of $6.6 billion and cash on hand exceeding our debt, our balance sheet has never been in a stronger position.”

Rick Beckwitt, Co-Chief Executive Officer and Co-President of Lennar, said, "Much of our balance sheet and inventory management progress was driven by the execution of our land strategy, while simultaneously driving sales, deliveries and managing production. Our ending community count for the quarter was 1,263, which was up 3% over last year. We continued to make significant progress on our land light strategy. This was evidenced by our years supply of owned homesites improving to 1.7 years from 2.4 years and our controlled homesite percentage increasing to 70% from 68% year over year.”

Jon Jaffe, Co-Chief Executive Officer and Co-President of Lennar, said, "During the quarter, consistent with our strategy of cost control and cycle time reduction, our homebuilding machine continued to be intensely focused on carefully managing production. Our cycle time during the quarter was down slightly sequentially, and we believe it will decline further in the back half of the year as the improving supply chain and labor market will positively impact our production times. Our quarte

EX-99

2 ex991-2023228x8kq1.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports First Quarter 2023 Results

First Quarter 2023 Highlights - comparisons to the prior year quarter

•Net earnings per diluted share increased 22% to $2.06

◦Decreased 21% to $2.12, excluding mark-to-market losses on technology investments in both years

•Net earnings increased 18% to $597 million

◦Decreased 23% to $615 million, excluding mark-to-market losses on technology investments in both years

•Deliveries increased 9% to 13,659 homes

•New orders decreased 10% to 14,194 homes; new orders dollar value decreased 18% to $6.4 billion

•Backlog decreased 29% to 19,403 homes; backlog dollar value decreased 33% to $9.0 billion

•Total revenues increased 5% to $6.5 billion

•Homebuilding operating earnings decreased to $907 million, compared to operating earnings of $1.1 billion

◦Gross margin on home sales decreased 570 basis points ("bps") to 21.2%

◦S,G&A expenses as a % of revenues from home sales improved 10 bps to 7.4%

◦Net margin on home sales decreased 560 bps to 13.8%

•Financial Services operating earnings of $78 million, compared to operating earnings of $91 million

•Multifamily operating loss of $22 million, compared to operating earnings of $5 million

•Lennar Other operating loss of $41 million, compared to operating loss of $403 million

•Homebuilding cash and cash equivalents of $4.1 billion

•Years supply of owned homesites improved to 1.9 years, compared to 2.7 years

•Controlled homesites increased to 68%, compared to 63%

•No outstanding borrowings under the Company's $2.6 billion revolving credit facility

•Homebuilding debt to total capital improved to 14.2%, compared to 18.3%

•Repurchased 2 million shares of Lennar common stock for $189 million

(more)

2-2-2

Miami, March 14, 2023 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its first quarter ended February 28, 2023. First quarter net earnings attributable to Lennar in 2023 were $597 million, or $2.06 per diluted share, compared to first quarter net earnings attributable to Lennar in 2022 of $504 million, or $1.69 per diluted share. Excluding mark-to-market losses on technology investments in both years, first quarter net earnings attributable to Lennar in 2023 were $615 million or $2.12 per diluted share, compared to first quarter net earnings attributable to Lennar in 2022 of $800 million or $2.70 per diluted share.

Stuart Miller, Executive Chairman of Lennar, said, “During the quarter, we saw a generally strong economy at the intersection of high inflation and strong employment numbers, while the housing market continued down a winding road of trying to find its footing. In December, interest rates and sticker shock continued to constrain sales activity, while in January and early February, lower interest rates energized sales. In late February, a spike in interest rates impacted website and community traffic and had a slight impact on sales. The Federal Reserve stayed its course of raising interest rates to cool inflation, though has yet to reach desired results. Homebuyers are considering the possibility that today’s interest rate environment may be the new normal. Accordingly, the housing market continues shifting as growing household and family formation continued to drive demand against a chronic supply shortage.”

Mr. Miller continued, "Against this backdrop, we are pleased to announce our first quarter results which reflect execution of our previously articulated operating strategies. In the first quarter, our earnings were $597 million, or $2.06 per diluted share, compared to $504 million, or $1.69 per diluted share for the first quarter last year. Excluding mark-to-market losses on our technology investments, first quarter earnings were $615 million, or $2.12 per diluted share, compared to $800 million, or $2.70 per diluted share for the first quarter last year, a 23% and 21% decrease year over year, respectively.”

“Consistent with our clear strategy of maintaining sales pace, our home deliveries were 13,659, up 9% over last year, and above the high end of our guidance estimate given at the beginning of the quarter. Concurrently, in order to drive sales, we moderated homebuilding gross margin to 21.2% and carefully managed homebuilding S,G&A expenses of 7.4%, leading to a 13.8% net margin. Our gross margin declined by 570 basis points year-over-year as we adjusted the price of both our new home sales and homes in backlog to market to promote deliveries and reduce cancellation rates.”

“We also matched our sales pace to starts pace and drove sales by 'pricing to market' to turn inventory, generate cash, and maximize returns. Accordingly, our new orders in the first quarter were down 10%, year over year, which compares favorably to reported market conditions, including a cance

EX-99.1

2 ex991-20221130x8kq4.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Fourth Quarter and Fiscal 2022 Results

2022 Fourth Quarter Highlights – comparisons to the prior year quarter

•Net earnings per diluted share increased 16% to $4.55

◦Increased 15% to $5.02, excluding mark-to-market adjustments on technology investments, homebuilding impairments and deposit write-offs (collectively, "adjustments")

•Net earnings increased 11% to $1.3 billion

◦Increased 10% to $1.5 billion, excluding adjustments

•Deliveries increased 13% to 20,064 homes

•New orders decreased 15% to 13,200 homes; new orders dollar value decreased 24% to $5.5 billion

•Backlog decreased 21% to 18,869 homes; backlog dollar value decreased 23% to $8.7 billion

•Total revenues increased 21% to $10.2 billion

•Homebuilding operating earnings increased 4% to $1.8 billion

◦Gross margin on home sales of 24.8%

▪Pre-impairment gross margin on home sales of 25.3% - down 270 basis points ("bps")

◦S,G&A expenses as a % of revenues from home sales improved 20 bps to 5.8%

◦Net margin on home sales of 19.0%

•Financial Services operating earnings of $124.8 million, compared to operating earnings of $111.2 million

•Multifamily operating earnings of $14.8 million, compared to operating earnings of $9.3 million

•Lennar Other operating loss of $106.1 million, compared to operating loss of $176.2 million

•Homebuilding cash and cash equivalents of $4.6 billion

•Years supply of owned homesites improved to 2.5 years, compared to 3.0 years

•Controlled homesites increased to 63%, compared to 59%

•No outstanding borrowings under the Company's $2.6 billion revolving credit facility

•Homebuilding debt to total capital improved to 14.4%, compared to 18.3%

2022 Fiscal Year Highlights – comparisons to the prior year

•Net earnings, deliveries and revenues for 2022 were the highest in the Company's history

•Net earnings per diluted share increased 10% to $15.72

◦Increased 38% to $17.91, excluding adjustments

•Net earnings increased 4% to $4.6 billion

◦Increased 29% to $5.2 billion, excluding adjustments

•Deliveries increased 11% to 66,399 homes

•New orders decreased 5% to 61,105 homes

•Total revenues increased 24% to $33.7 billion

•Net margin on home sales improved 170 bps to 21.4 %

•Retired early $575 million of homebuilding senior notes due November 2022

•Repurchased 11 million shares of Lennar common stock for $967.4 million

(more)

2-2-2

Miami, December 14, 2022 -- 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, 2022. Fourth quarter net earnings attributable to Lennar in 2022 were $1.3 billion, or $4.55 per diluted share, compared to $1.2 billion, or $3.91 per diluted share in the fourth quarter of 2021. Net earnings attributable to Lennar for the year ended November 30, 2022 were $4.6 billion, or $15.72 per diluted share, compared to $4.4 billion, or $14.27 per diluted share for the year ended November 30, 2021. Excluding mark-to-market adjustments on technology investments in both years, and homebuilding impairments and deposit write-offs in 2022, fourth quarter net earnings attributable to Lennar in 2022 were $1.5 billion, or $5.02 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2021 of $1.3 billion, or $4.36 per diluted share.

Stuart Miller, Executive Chairman of Lennar, said, "We are pleased to announce our fourth quarter results which were consistent with our previously articulated strategies. In the fourth quarter, our earnings were $1.3 billion, or $4.55 per diluted share, compared to $1.2 billion, or $3.91 per diluted share for the fourth quarter last year. Excluding mark-to-market losses on our technology investments, homebuilding impairments and deposit write-offs, fourth quarter earnings were $1.5 billion, or $5.02 per diluted share, compared to $1.3 billion, or $4.36 per diluted share for the fourth quarter last year, excluding mark-to-market losses, a 10% and 15% increase year over year, respectively."

Mr. Miller continued, “In the fourth quarter, consistent with our strategy of maintaining tight inventory control, our home deliveries were 20,064, up 13% over last year, and in line with our guidance estimate given at the beginning of the quarter. Additionally, we produced a pre-impairment homebuilding gross margin of 25.3% and homebuilding S,G&A expenses of 5.8%, leading to a 19.5% pre-impairment net margin. Our gross margin declined by 270 basis points year-over-year as we adjusted the price of both our new home sales and homes in backlog to market to reduce cancellation rates and promote deliveries.”

“We matched our starts pace to sales pace and drove sales by our “pricing to market” to turn inventory, generate cash, and maximize returns. Accordingly, our new

EX-99

2 ex991-2022831x8kq3.htm

EX-99

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Third Quarter 2022 Results

Third Quarter 2022 Highlights - comparisons to the prior year quarter

•Net earnings per diluted share increased 11% to $5.03

◦Increased 58% to $5.18, excluding mark-to-market gains (losses) on technology investments and one-time items

•Net earnings increased 4% to $1.47 billion

◦Increased 48% to $1.51 billion, excluding mark-to-market gains (losses) on technology investments and one-time items

•Deliveries increased 13% to 17,248 homes

•New orders decreased 12% to 14,366 homes; new orders dollar value decreased 11% to $6.7 billion

•Backlog of 25,734 homes - consistent with prior year; backlog dollar value increased 8% to $12.9 billion

•Total revenues increased 29% to $8.9 billion

•Homebuilding operating earnings increased to $2.0 billion, compared to operating earnings of $1.3 billion

◦Gross margin on home sales improved 190 basis points ("bps") to 29.2%

◦S,G&A expenses as a % of revenues from home sales improved 120 bps to 5.8%

◦Net margin on home sales improved 320 bps to 23.5%

•Financial Services operating earnings of $63.0 million (including a $35.5 million one-time charge), compared to operating earnings of $111.9 million

•Multifamily operating earnings of $45.9 million, compared to operating loss of $9.4 million

•Lennar Other operating loss of $118.0 million, compared to operating earnings of $492.0 million

•Homebuilding cash and cash equivalents of $1.3 billion

•Controlled homesites increased to 63%, compared to 53%

•No outstanding borrowings under the Company's $2.575 billion revolving credit facility

•Retired $575 million of homebuilding senior notes due November 2022

•Homebuilding debt to total capital improved to 15.0%, compared to 21.2%

(more)

2-2-2

Miami, September 21, 2022 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its third quarter ended August 31, 2022. Third quarter net earnings attributable to Lennar in 2022 were $1.5 billion, or $5.03 per diluted share, compared to third quarter net earnings attributable to Lennar in 2021 of $1.4 billion, or $4.52 per diluted share. Excluding mark-to-market gains (losses) on technology investments in both years and one-time items in the current year, third quarter net earnings attributable to Lennar in 2022 were $1.5 billion, or $5.18 per diluted share, compared to third quarter net earnings attributable to Lennar in 2021 of $1.0 billion, or $3.27 per diluted share.

Stuart Miller, Executive Chairman of Lennar, said, "At this evolving time in the market, we are pleased to report third quarter earnings of $1.5 billion, or $5.03 per diluted share, compared to $1.4 billion, or $4.52 per diluted share for the third quarter last year. Excluding mark-to-market gains (losses) on our technology investments and one-time items, third quarter earnings were $1.5 billion, or $5.18 per diluted share, compared to $1.0 billion, or $3.27 per diluted share for the third quarter last year, a 48% and 58% increase year over year, respectively.”

Mr. Miller continued, “Our home deliveries were 17,248, up 13% over last year, and in line with our guidance estimate given at the beginning of the quarter, and we achieved a homebuilding gross margin of 29.2% and homebuilding S,G&A expenses of 5.8%, leading to a 23.5% net margin, even as materials and labor costs increased. Supply chain constraints, while improving, still continue to limit deliveries.”

“While our new orders declined 12% compared to last year's third quarter, we continued to maintain a consistent starts pace and drive sales by adjusting pricing and incentives. Sales have clearly been impacted by rising interest rates, but there remains a significant national shortage of housing, especially workforce housing, and demand remains strong as we navigate the rebalance between price and interest rates.”

“Accordingly, during the quarter, we continued to focus on pricing to market and rightsizing our inventory to generate significant cash flow. We are focused on balance sheet strength as we retired early $575 million of homebuilding senior notes due November 2022, ended the quarter with $1.3 billion in cash, had no borrowings on our $2.6 billion revolver and homebuilding debt to capital of 15.0%, the lowest in our history. Our balance sheet has never been in a stronger position than it is today.”

Rick Beckwitt, Co-Chief Executive Officer and Co-President of Lennar, said, "Much of our balance sheet and inventory management progress was driven by an intense focus on our land strategy while simultaneously driving sales, deliveries and managing production. During the quarter, we reassessed every deal in our land pipeline and worked with our strong land relationships to improve the underwriting on many deals. Our ending community count

EX-99

2 ex991-2022531x8kq2.htm

EX-99

Document

Exhibit 99.1

Contact:

Allison Bober

Investor Relations

Lennar Corporation

(305) 485-2038

FOR IMMEDIATE RELEASE

Lennar Reports Second Quarter 2022 Results

2022 Second Quarter Highlights - comparisons to the prior year quarter

•Net earnings per diluted share increased 69% to $4.49

◦Increased 59% to $4.69, excluding mark-to-market losses on technology investments in both years and the gain on the sale of the Company's residential solar business in the prior year

•Net earnings increased 59% to $1.3 billion

◦Increased 49% to $1.4 billion, excluding mark-to-market losses on technology investments in both years and the gain on the sale of the Company's residential solar business in the prior year

•Deliveries increased 14% to 16,549 homes

•New orders increased 4% to 17,792 homes; new orders dollar value increased 20% to $9.1 billion

•Backlog increased 16% to 28,624 homes; backlog dollar value increased 33% to $14.7 billion

•Total revenues increased 30% to $8.4 billion

•Homebuilding operating earnings increased to $1.9 billion, compared to operating earnings of $1.1 billion

◦Gross margin on home sales improved 340 basis points ("bps") to 29.5%

◦S,G&A expenses as a % of revenues from home sales improved 150 bps to 6.1%

◦Net margin on home sales improved 490 bps to 23.4%

•Financial Services operating earnings of $103.9 million, compared to operating earnings of $121.3 million

•Multifamily operating earnings of $0.7 million, compared to operating earnings of $22.4 million

•Lennar Other operating loss of $108.4 million, compared to operating loss of $54.1 million

•Homebuilding cash and cash equivalents of $1.3 billion

•Controlled homesites increased to 62%, compared to 50%

•No borrowings under the Company's $2.575 billion revolving credit facility

•Homebuilding debt to total capital improved to 17.7%, compared to 23.1%

•Repurchased 4.1 million shares of Lennar common stock for $320.6 million

(more)

2-2-2

Miami, June 21, 2022 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2022. Second quarter net earnings attributable to Lennar in 2022 were $1.3 billion, or $4.49 per diluted share, compared to second quarter net earnings attributable to Lennar in 2021 of $831.4 million, or $2.65 per diluted share. Excluding mark-to-market losses on technology investments in both years and a gain on the sale of the Company's residential solar business in the prior year, second quarter net earnings attributable to Lennar in 2022 were $1.4 billion, or $4.69 per diluted share, compared to second quarter net earnings attributable to Lennar in 2021 of $923.6 million, or $2.95 per diluted share.

Stuart Miller, Executive Chairman of Lennar, said, "At this complicated moment in the market, we are pleased to report second quarter earnings of $1.3 billion, or $4.49 per diluted share, compared to $831.4 million, or $2.65 per diluted share for the second quarter last year. While our new orders grew 4% compared to last year's second quarter, we achieved a homebuilding gross margin of 29.5% and homebuilding S,G&A of 6.1%, leading to a 23.4% net margin, even as materials costs and wages have increased. Our home deliveries were 16,549 and above the high end of our guidance given at the beginning of the quarter.”

“While our second quarter results demonstrate strength and excellent performance throughout the quarter, the weight of a rapid doubling of interest rates over six months, together with accelerated price appreciation, began to drive buyers in many markets to pause and reconsider. We began to see these effects after quarter end.”

“The Fed’s stated determination to curtail inflation through interest rate increases and quantitative tightening have begun to have the desired effect of slowing sales in some markets and stalling price increases across the country. While we believe that there remains a significant shortage of dwellings, and especially workforce housing, in the United States, the relationship between price and interest rates is going through a rebalance.”

“Accordingly, we are laser focused on traffic, affordability, the quality of our backlog, along with cancellation rates and completed, unsold inventory levels which, to date, are both at low levels. Additionally, we are focused on balance sheet strength as we ended the quarter with $1.3 billion in cash, no borrowings on our $2.6 billion revolver and homebuilding debt to capital of 17.7%. Our balance sheet has never been in a stronger position than it is today.”

Rick Beckwitt, Co-Chief Executive Officer and Co-President of Lennar, said, "During the second quarter, we continued to make progress on our land light strategy. This was evidenced by our controlled homesite percentage increasing to 62% from 50% year over year. This progress contributed to a return on equity of 21.4%, a 260 basis point improvement ove

EX-99.1

2 ex991-2022228x8kq1.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Allison Bober

Investor Relations

Lennar Corporation

(305) 485-2038

FOR IMMEDIATE RELEASE

Lennar's Q1 2022 Operating Performance Reflects Continued Strength in the Housing Market

•Net earnings per diluted share were $1.69 ($2.70, excluding mark-to-market losses on technology investments)

•Net earnings were $503.6 million ($800.2 million, excluding mark-to-market losses on technology investments)

•Revenues increased 16% to $6.2 billion

•Deliveries increased 2% to 12,538 homes

•New orders increased 1% to 15,747 homes; new orders dollar value increased 19% to $7.8 billion

•Backlog increased 24% to 27,335 homes; backlog dollar value increased 43% to $13.6 billion

•Homebuilding operating earnings increased to $1.1 billion, compared to operating earnings of $0.8 billion

◦Gross margin on home sales improved 190 basis points ("bps") to 26.9%

◦S,G&A expenses as a % of revenues from home sales improved 90 bps to 7.5%

◦Net margin on home sales improved 280 bps to 19.4%

•Financial Services operating earnings of $90.8 million, compared to operating earnings of $146.2 million

•Multifamily operating earnings of $5.4 million, compared to operating loss of $0.9 million

•Lennar Other operating loss of $403.1 million, compared to operating earnings of $471.3 million

•Homebuilding cash and cash equivalents of $1.4 billion

•Controlled homesites increased to 58%, compared to 45%

•No borrowings under the Company's $2.5 billion revolving credit facility

•Homebuilding debt to total capital improved to 18.3%, compared to 24.0%

•Repurchased 5.3 million shares of Lennar common stock for $526.3 million

•Received Board approval for a new $2 billion stock repurchase authorization

(more)

2-2-2

Miami, March 16, 2022 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its first quarter ended February 28, 2022. First quarter net earnings attributable to Lennar in 2022 were $503.6 million, or $1.69 per diluted share, compared to first quarter net earnings attributable to Lennar in 2021 of $1.0 billion, or $3.20 per diluted share. Excluding mark-to-market gains and losses in both years, first quarter net earnings attributable to Lennar in 2022 were $800.2 million or $2.70 per diluted share, compared to first quarter net earnings attributable to Lennar in 2021 of $642.7 million, or $2.04 per diluted share.

Stuart Miller, Executive Chairman of Lennar, said, "Our core operating performance in the first quarter reflects the continued strength in the housing market across the country. Our sales pace remained strong and consistent throughout the quarter, while strong traffic to our welcome home centers and website suggests that demand remains strong for the foreseeable future. While our new orders grew a controlled 1% compared to last year's first quarter, we achieved a homebuilding gross margin of 26.9% and homebuilding SG&A of 7.5%, leading to a 19.4% net margin. Both gross margin and net margin remained strong, even as materials costs and wages have increased, and home prices have continued to rise while remaining affordable even as interest rates have ticked up. Deliveries, though constrained by the supply chain disruption, were in line with the guidance given at the beginning of the quarter.

"Clearly the volatility imbedded in our LENX investments have skewed our bottom line performance as we report first quarter earnings of $503.6 million, or $1.69 per diluted share, compared to $1.0 billion or $3.20 per diluted share for the first quarter last year. Excluding the significant upward impact last year and downward impact this quarter from these investments, first quarter 2022 earnings were $800.2 million, or $2.70 per diluted share, compared to $642.7 million or $2.04 per diluted share for the first quarter last year.

"While our LENX investment strategy creates some volatility in our results, it nevertheless remains core to the future of our operating platform. Our LENX investments continue to provide significant operational efficiencies for both our homebuilding and financial services platforms, which flow through to our strong operating margins while vastly improving our homebuyers’ experience."

Rick Beckwitt, Co-Chief Executive Officer and Co-President of Lennar, said, "During the first quarter, our community count increased 4% year over year as we continued to make excellent progress on our land light strategy. This was evidenced by our controlled homesite percentage increasing to 58% from 45% for those same periods. We ended the quarter with $1.4 billion in cash, no borrowings on our $2.5 billion revolver and homebuilding debt to capital of 18.3%. We repurchased 5.3 million shares of our common stock for $526 million. These buybacks, combined with our significant earnings, contributed to a return on equity of 19.5%, a 180 basis point improvement over last year’s first quarter

EX-99.1

2 ex991-20211130x8kq4.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Allison Bober

Investor Relations

Lennar Corporation

(305) 485-2038

FOR IMMEDIATE RELEASE

Lennar Reports Fourth Quarter and Fiscal 2021 Results

2021 Fourth Quarter Highlights – comparisons to the prior year quarter

•Net earnings per diluted share increased 39% to $3.91 (increased 55% to $4.36, excluding mark to market losses on strategic technology investments)

•Net earnings increased 35% to $1.2 billion (increased 50% to $1.3 billion, excluding mark to market losses on strategic technology investments)

•Revenues increased 24% to $8.4 billion

•Deliveries increased 11% to 17,819 homes

•New orders increased 2% to 15,539 homes; new orders dollar value increased 16% to $7.3 billion

•Backlog increased 26% to 23,771 homes; backlog dollar value increased 45% to $11.4 billion

•Homebuilding operating earnings of $1.8 billion, compared to operating earnings of $1.1 billion

◦Gross margin on home sales improved 300 basis points ("bps") to 28.0%

◦S,G&A expenses as a % of revenues from home sales improved 150 bps to 6.0%

◦Net margin on home sales improved 460 bps to 22.0%

•Financial Services operating earnings of $111.4 million, compared to operating earnings of $151.2 million

•Multifamily operating earnings of $9.3 million, compared to operating earnings of $26.7 million

•Lennar Other operating loss of $176.2 million, compared to operating loss of $1.2 million

•Years of supply owned homesites decreased to 3.0 years

•Controlled homesites increased to 59%

•Homebuilding cash and cash equivalents of $2.7 billion

•Retired $850 million of homebuilding senior notes due in fiscal year 2022

•Repurchased 10 million shares of Lennar common stock for $977.4 million

•Homebuilding debt to total capital of 18.3%, the lowest in the Company's history

2021 Fiscal Year Highlights – comparisons to the prior year

•Net earnings, revenues, deliveries, new orders and net margin for 2021 were the highest in the Company's history

◦Net earnings per diluted share increased 82% to $14.27 (increased 66% to $13.00, excluding mark to market gains on strategic technology investments)

◦Net earnings increased 80% to $4.4 billion (increased 64% to $4.0 billion, excluding mark to market gains on strategic technology investments)

◦Revenues increased 21% to $27.1 billion

◦Deliveries increased 13% to 59,825 homes

◦New orders increased 15% to 64,543 homes

◦Net margin on home sales improved 510 bps to 19.7%

•Retired $1.15 billion of homebuilding senior notes due in fiscal year 2022

•Repurchased 14 million shares of Lennar common stock for $1.37 billion

•Return on equity improved 790 bps to 22.6%

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Miami, December 15, 2021 -- 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, 2021. Fourth quarter net earnings attributable to Lennar in 2021 were $1.2 billion, or $3.91 per diluted share, compared to $882.8 million, or $2.82 per diluted share in the fourth quarter of 2020. Net earnings attributable to Lennar for the year ended November 30, 2021 were $4.4 billion, or $14.27 per diluted share, compared to $2.5 billion, or $7.85 per diluted share for the year ended November 30, 2020.

Stuart Miller, Executive Chairman of Lennar, said, “While supply chain challenges continued to dominate both the homebuilding and the broader economic narrative in the fourth quarter, we are pleased to report record fourth quarter earnings of $1.2 billion, or $3.91 per diluted share, compared to $882.8 million or $2.82 per diluted share for the quarter last year. Excluding mark to market losses on our public strategic technology investments, fourth quarter 2021 earnings were $1.3 billion, or $4.36 per diluted share. For the full year, we delivered just under 60,000 homes generating EPS of $14.27 per diluted share ($13.00 per diluted share before mark to market gains) for an 82% increase over the prior year (66% before mark to market gains).”

“Our record fourth quarter results reflect both continued strength in the housing market across the country, and continued housing supply shortage driven by limited entitled land, labor and supply chain constraints, and 10 years of production shortfall. While our new orders grew a controlled 2% compared to last year’s seasonally strong fourth quarter, we achieved a homebuilding gross margin of 28.0% and homebuilding SG&A of 6.0%, leading to a 22.0% net margin, all of which are all-time Company records.”

Rick Beckwitt, Co-Chief Executive Officer and Co-President of Lennar, said, “During the fourth quarter, our community count increased 7% year over year as we continued to make excellent progress on our land light strategy. This was evidenced by our years owned supply of homesites improving to our previously stated goal of 3.0 years at the end of the fourth quarter from 3.5 years last year, and our controlled homes