Lennar says Q4 was ‘challenging’ quarter

Says Q4 was ‘challenging’ quarter. Says demand has been constrained by affordability. Says continues to have conviction around focus on volume and matching production with the sales base. Says adjusted and adapted to new market condition. Says focused on keeping sales volume up. Says focused on maintaining carefully managed inventory levels. Says extremely well-positioned to spin Millrose. Says ‘very optimistic’ about future. Says demand will adapt to new normal. Says incentives and margins will normalize. Says spin-off will be public in ‘very near future’. Says Rausch Coleman acquisition fits squarely into strategic growth plan, ‘very excited’ about acquisition. Says ‘strong’ balance sheets affords company flexibility. Says will continue to focus on pure-play business model. Says will continue to generate ‘strong’ cash flow. Says expects to continue to repurchase stock in 2025. Comments taken from Q4 earnings conference call.