2023-06-14 16:37:09 ET
- Lennar press release ( NYSE: LEN ): Q2 Non-GAAP EPS of $2.94 beats by $0.62 .
- Revenue of $8.05B (-3.7% Y/Y) beats by $810M .
- Deliveries of 17,074 homes
- New orders of 17,885 homes with a dollar value of $8.2 billion
- Backlog of 20,214 homes with a dollar value of $9.5 billion.
- Gross margin on home sales of 22.5%
- Homebuilding cash and cash equivalents of $4.0 billion
- Years supply of owned homesites of 1.7 years and controlled homesites of 70%
- No outstanding borrowings under the Company's $2.6 billion revolving credit facility
- Homebuilding debt to total capital of 13.3%
- Repurchased $158 million aggregate principal of Senior Notes due in fiscal year 2024
- Repurchased 2 million shares of Lennar common stock for $208 million.
- Q3 Outlook: New Orders 18,000 - 19,000; Deliveries 17,750 - 18,250; Average Sales Price Consistent with Q2 2023; Gross Margin % on Home Sales 23.5% - 24.0%; Financial Services Operating Earnings $100 million - $105 million.
- Shares +2.37% .
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Lennar Non-GAAP EPS of $2.94 beats by $0.62, revenue of $8.05B beats by $810M