LEN - Lennar Corporation (LEN) Q2 2024 Earnings Call Transcript
2024-06-18 13:32:05 ET
Lennar Corporation (LEN)
Q2 2024 Earnings Conference Call
June 18, 2024 11:00 a.m. ET
Company Participants
David Collins - Vice President and Controller
Stuart Miller - Executive Chairman and Co-Chief Executive Officer
Jon Jaffe - Co-Chief Executive Officer and President
Diane Bessette - Chief Financial Officer
Bruce Gross - Chief Executive Officer of Lennar Financial Services
Conference Call Participants
Stephen Kim - Evercore ISI
Carl Reichardt - BTIG
Susan Maklari - Goldman Sachs
Alan Ratner - Zelman & Associates
Michael Rehaut - J.P. Morgan
Kenneth Zener - Seaport Research Partners
Presentation
Operator
Welcome to Lennar's Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's conference is being recorded. If you have any objections you may disconnect at this time.
I will now turn the call over to David Collins for the reading of the forward-looking statement.
David Collins
Thank you and good morning, everyone. Today's conference call may include forward-looking statements, including statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies, and prospects. Forward-looking statements represent only Lennar's estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could affect future results and may cause Lennar's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in our earnings release and our SEC filings, including those under the caption Risk Factors contained in Lennar's Annual Report on Form 10-K most recently filed with the SEC. Please note that Lennar assumes no obligation to update any forward-looking statements.
Operator
I would now like to introduce your host, Mr. Stuart Miller, Executive Chairman. Sir, you may begin.
Stuart Miller
Thank you, and good morning, everybody. And thank you for joining today. I'm in Miami today, together with Jon Jaffe, our Co-CEO and President; Diane Bessette, our Chief Financial Officer; David Collins, who you just heard from, our Controller and Vice President; Bruce Gross is here, our CEO of Lennar Financial Services; and we have a few others as well.
As usual, I'm going to give a macro and strategic overview of the company. After my introductory remarks, Jon's going to give an operational overview updating construction costs, cycle time, and some other operating overview. As usual, Diane is going to give a detailed financial highlight along with some limited guidance for our third quarter and full-year 2024. And then, of course, we'll have our question-and-answer period. And as usual, I'd like to ask that you please limit yourself to one question and one follow-up so that we can accommodate as many as possible.
But before I begin, however, I would like to express on behalf of all of the associates of Lennar the sadness we all feel for the recent loss of another pioneer of our industry, Don Horton. While we homebuilders compete, sometimes aggressively, in the field and across geographies, it is always with humble admiration and respect for our competitors. We learn from each other. We have reverence for all of their accomplishments. We learn from their successes and sometimes their failures and we are pushed to be our very best by their comparative accomplishments. This business is not easy. And those who succeed over years are to be admired....
Lennar Corporation (LEN) Q2 2024 Earnings Call Transcript