NYSE$LEN
Lennar Corp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Lennar reported solid third quarter results, driven by a constructive economic environment for homebuilders.
Lennar reported a strong third quarter with increased net earnings, new orders, and deliveries. The company's performance was driven by solid demand and effective capital allocation, reinforcing its strong balance sheet and strategic land light focus.
- Net earnings per diluted share increased 10% to $4.26.
- New orders increased 5% to 20,587 homes, and deliveries increased 16% to 21,516 homes.
- Homebuilding operating earnings totaled $1.5 billion with a net margin on home sales of 15.8%.
- The company repurchased 3.4 million shares of Lennar common stock for $519 million.
Headline financials
Revenue & EPS history
Lennar · Revenue · Quarterly
$9.42B
Revenue by segment
Lennar · $11B total across 4 segments · Q4 2023
- Homebuilding$10.5B+7.9%95.9%
- Financial Services$305M+32.1%2.8%
- Multifamily$141M-21.4%1.3%
- Lennar Other$6.62M-71.0%0.1%
Forward guidance
For the fourth quarter of 2024, Lennar expects to deliver between 22,500 and 23,000 homes, with a gross margin flat with the third quarter. The company also anticipates financial services operating earnings of $140 million and S,G&A as a % of Home Sales of 6.7% - 6.8%.
Tailwinds
- Deliver between 22,500 and 23,000 homes
- Gross margin % on home sales flat with Q3
- S,G&A as a % of home sales 6.7% - 6.8%
- Financial Services operating earnings of $140 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2024
+1.0%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+3.3%
Avg return
30 days after
57%
39 / 69 earnings
Positive
+12.1%
Q1 2021
Best reaction
-8.6%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | -3.4% | — | — | |
| Q4 2025 | -1.1% | -9.0% | +0.9% | |
| Q3 2025 | -4.3% | -5.4% | -5.3% | |
| Q2 2025 | +1.6% | +1.6% | +22.5% | |
| Q1 2025 | -4.0% | -1.8% | -12.8% | |
| Q1 2026 | -2.2% | -0.4% | -11.5% | |
| Q4 2024 | -8.6% | -8.9% | -6.6% | |
| Q3 2024 | -3.3% | -2.2% | +0.3% | |
| Q2 2024 | -4.1% | -2.3% | +7.3% | |
| Q1 2024 | -7.9% | -5.6% | -3.7% | |
| Q4 2023 | +2.8% | +2.4% | +4.5% | |
| Q3 2023 | -1.0% | +1.1% | -5.8% | |
| Q2 2023 | +3.3% | +3.5% | +14.9% | |
| Q1 2023 | +1.2% | +4.6% | +4.9% | |
| Q4 2022 | +4.1% | -0.5% | +9.1% | |
| Q3 2022 | +0.7% | -4.1% | -4.5% | |
| Q2 2022 | +4.7% | +11.3% | +27.0% | |
| Q1 2022 | +3.5% | +2.3% | -11.0% | |
| Q4 2021 | -2.4% | -4.8% | -2.7% | |
| Q3 2021 | -3.5% | -1.3% | +0.9% | |
| Q2 2021 | +2.3% | +5.5% | +3.7% | |
| Q1 2021 | +12.1% | +5.6% | +14.3% | |
| Q4 2020 | +8.2% | +7.6% | +3.7% | |
| Q3 2020 | -2.0% | +2.2% | +7.5% | |
| Q2 2020 | +7.9% | +1.6% | +15.3% | |
| Q1 2020 | +10.2% | +15.1% | +38.8% | |
| Q4 2019 | +1.0% | +6.0% | +20.7% | |
| Q3 2019 | +5.0% | +6.5% | +9.3% | |
| Q2 2019 | -7.5% | -5.7% | -7.1% | |
| Q1 2019 | +0.1% | -1.6% | +4.7% | |
| Q4 2018 | +5.3% | +5.4% | +7.3% | |
| Q3 2018 | -4.4% | -2.8% | -7.5% | |
| Q2 2018 | +4.1% | +6.7% | +6.7% | |
| Q1 2018 | +12.1% | +6.5% | -4.6% | |
| Q4 2017 | +4.3% | +3.9% | -12.0% | |
| Q3 2017 | +6.8% | +5.8% | +4.3% | |
| Q2 2017 | +1.0% | -1.2% | +1.0% | |
| Q1 2017 | -3.7% | -3.1% | -1.5% | |
| Q4 2016 | -1.0% | -2.0% | +2.0% | |
| Q3 2016 | -3.6% | -4.4% | -8.2% | |
| Q2 2016 | -1.5% | -4.1% | +4.7% | |
| Q1 2016 | +2.4% | — | — | |
| Q4 2015 | -1.3% | — | — | |
| Q3 2015 | -4.4% | — | — | |
| Q2 2015 | +5.0% | — | — | |
| Q1 2015 | +1.1% | — | — | |
| Q4 2014 | -5.6% | — | — | |
| Q3 2014 | +5.8% | — | — | |
| Q2 2014 | +0.2% | — | — | |
| Q1 2014 | -4.3% | — | — | |
| Q4 2013 | +5.2% | — | — | |
| Q3 2013 | +5.4% | — | — | |
| Q2 2013 | +2.9% | — | — | |
| Q1 2013 | +2.3% | — | — | |
| Q4 2012 | -1.2% | — | — | |
| Q3 2012 | -3.3% | — | — | |
| Q2 2012 | +7.2% | — | — | |
| Q1 2012 | +4.8% | — | — | |
| Q2 2011 | -3.5% | — | — | |
| Q4 2010 | -3.5% | — | — | |
| Q4 2011 | -3.5% | — | — | |
| Q3 2011 | +2.0% | — | — | |
| Q1 2010 | -0.3% | — | — | |
| Q1 2011 | -0.3% | — | — | |
| Q4 2008 | +1.4% | — | — | |
| Q2 2010 | +1.4% | — | — | |
| Q4 2009 | +6.0% | — | — | |
| Q3 2009 | +6.0% | — | — | |
| Q3 2010 | +6.0% | — | — |
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