Lennar Corporation reported strong Q3 2024 results with net earnings of $1.2 billion, or $4.26 per diluted share, up 10% from $3.87 in Q3 2023. Home deliveries increased 16% to 21,516 units, while new orders rose 5% to 20,587 homes. Total revenues reached $9.4 billion, with homebuilding revenue up 9% to $9.0 billion.The company maintained solid profitability with a 22.5% gross margin on home sales and improved SG&A expenses to 6.7% of revenues. The average sales price per home delivered was $422,000, down 6% year-over-year due to increased sales incentives. Financial Services generated operating earnings of $144 million, while the Multifamily segment contributed $79 million.Lennar continued strengthening its balance sheet with $4.0 billion in cash and no outstanding borrowings on its $2.2 billion credit facility. The company repurchased 3.4 million shares for $519 million during the quarter. For Q4 2024, Lennar expects to deliver between 22,500 and 23,000 homes with gross margins flat compared to Q3.

Lennar Corporation reported strong Q3 2024 results with net earnings of $1.2 billion, or $4.26 per diluted share, up 10% from $3.87 in Q3 2023. Home deliveries increased 16% to 21,516 units, while new orders rose 5% to 20,587 homes. Total revenues reached $9.4 billion, with homebuilding revenue up 9% to $9.0 billion.The company maintained solid profitability with a 22.5% gross margin on home sales and improved SG&A expenses to 6.7% of revenues. The average sales price per home delivered was $422,000, down 6% year-over-year due to increased sales incentives. Financial Services generated operating earnings of $144 million, while the Multifamily segment contributed $79 million.Lennar continued strengthening its balance sheet with $4.0 billion in cash and no outstanding borrowings on its $2.2 billion credit facility. The company repurchased 3.4 million shares for $519 million during the quarter. For Q4 2024, Lennar expects to deliver between 22,500 and 23,000 homes with gross margins flat compared to Q3.