The earnings call highlighted Lennar's strong financial position, strategic acquisitions, and efforts to adapt to challenging market conditions. However, missed sales and margin expectations, coupled with a challenging market environment, presented significant hurdles.

Company Guidance

During Lennar's Q4 2024 earnings call, the company provided guidance for the first quarter of 2025, projecting new orders between 17,500 and 18,000 homes and deliveries ranging from 17,000 to 17,500 homes. The expected gross margin is set between 19% and 19.25%, reflecting the impact of increased incentives from the fourth quarter. Lennar plans to focus on maintaining volume, with projected deliveries for 2025 estimated at 86,000 to 88,000 homes. The company highlighted its strategy of pricing to market conditions and emphasized its commitment to an asset-light operating model, aiming to keep owned homesites at 1.1 years and controlled sites at 82%. Financial expectations for Q1 include a sales price around $410,000 to $415,000, SG&A at 8.7% to 8.8% of revenues, and earnings per share between $1.60 and $1.80. Overall, Lennar remains focused on executing its manufacturing model, enhancing operating efficiencies, and leveraging its strategic asset-light land position to manage inventory and drive growth.

Strong Financial Position

Lennar ended the year with $4.7 billion in cash and no borrowings on its $2.9 billion revolving credit facility. The debt-to-total capital ratio was at a record low of 7.5%.

Increase in Community Count

Lennar increased its community count from 1,283 to 1,447, a 13% increase from the previous quarter and 15% from the previous year.

Strategic Acquisition and Spin-off

Lennar announced the acquisition of Rausch Coleman, expected to add 4,000 deliveries in 2025, and the spin-off of Millrose Properties to become a publicly listed land banking REIT.

Cash Flow and Shareholder Returns

Lennar repurchased 3 million shares for $521 million in Q4, bringing the total to $2.1 billion for the year, and paid $550 million in dividends.

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Lennar Corporation (GB:0JU0) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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GB:0JU0 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 03, 2018	2018 (Q3)	- / 1.37	1.042	31.48% (+0.33)	―	―
Jan 09, 2019	2018 (Q4)	- / 2.42	1.29	87.60% (+1.13)	―	―
Mar 27, 2019	2019 (Q1)	- / 0.74	0.84	-11.90% (-0.10)	―	―
Jun 25, 2019	2019 (Q2)	- / 1.30	0.94	38.30% (+0.36)	―	―
Oct 02, 2019	2019 (Q3)	- / 1.59	1.37	16.06% (+0.22)	―	―
Jan 08, 2020	2019 (Q4)	- / 2.13	2.42	-11.98% (-0.29)	―	―
Mar 19, 2020	2020 (Q1)	- / 1.27	0.74	71.62% (+0.53)	―	―
Jun 15, 2020	2020 (Q2)	- / 1.65	1.3	26.92% (+0.35)	―	―
Sep 14, 2020	2020 (Q3)	- / 2.12	1.59	33.33% (+0.53)	―	―
Dec 16, 2020	2020 (Q4)	- / 2.82	2.13	32.39% (+0.69)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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GB:0JU0 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Dec 18, 2024	$149.32	$138.98	-6.92%
Sep 19, 2024	$190.98	$182.85	-4.26%
Jun 17, 2024	$155.90	$148.34	-4.85%
Mar 13, 2024	$164.51	$152.52	-7.29%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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