Lennar quarter earnings report

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Lennar reported second quarter net earnings of $477 million, or $1.81 per diluted share, compared to $954 million or $3.45 in the same quarter last year. Adjusted for mark-to-market losses on technology investments, earnings came in at $499 million or $1.90 per share. This drop reflects the ongoing challenges in the housing market, including declining consumer confidence and affordability concerns due to high mortgage rates. The company saw new home orders rise 6% to 22,601 units, and deliveries increase 2% to 20,131 units, both within guidance. The average home sales price, after incentives, dropped to $389,000, highlighting the pressure to maintain affordability. Lennar ended the quarter with a backlog of 15,538 homes valued at $6.5 billion and had only 2,900 unsold completed homes, indicating tight inventory levels. Total revenues reached $8.4 billion, with homebuilding operating earnings at $728 million. Gross margin on home sales stood at 17.8% (or 18.0% excluding purchase accounting), and SG&A expenses were 8.8% of revenues. Net margin came in at 8.9% (or 9.2% adjusted).



Operationally, Lennar continued to improve efficiency. The average cycle time for home construction dropped 12% year-over-year to 132 days, and inventory turnover improved to 1.8x, supported by the company's asset-light strategy. Starts and sales pace were also healthy, at 5.1 and 4.7 homes per community per month, respectively. On the balance sheet, Lennar maintained a strong financial position with $5.4 billion in total liquidity. It issued $700 million in new debt at 5.20% due in 2030, using proceeds to repay $500 million in earlier notes. The company also repurchased 4.7 million shares for $517 million, with homebuilding debt to total capital at a conservative 11.0%.
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