Lennar Corporation, one of the nation’s largest homebuilders, has reported its financial results for the fourth quarter and fiscal year of 2024. Let's dive into the numbers to see how the company has performed.
In the fourth quarter of 2024, Lennar reported net earnings of $1.1 billion, or $4.06 per diluted share, compared to $1.4 billion, or $4.82 per diluted share in the fourth quarter of 2023. Excluding mark-to-market gains on technology investments, net earnings in the same quarter of 2023 were $1.5 billion, or $5.17 per diluted share. This represents a decrease in net earnings and earnings per share compared to the prior year.
For the full fiscal year of 2024, Lennar reported net earnings of $3.9 billion, or $14.31 per diluted share, compared to $3.9 billion, or $13.73 per diluted share for the full year of 2023. Excluding adjustments, net earnings for the full fiscal year of 2024 were $3.8 billion, or $13.86 per diluted share, compared to $4.1 billion, or $14.25 per diluted share for the full year of 2023.
The company's new orders decreased by 3% to 16,895 homes in the fourth quarter of 2024, with a dollar value decrease of 1% to $7.2 billion. However, for the full fiscal year of 2024, new orders increased by 11% to 76,951 homes.
In terms of deliveries, Lennar saw a 7% decrease to 22,206 homes in the fourth quarter of 2024 compared to the same period last year. But for the full fiscal year of 2024, deliveries increased by 10% to 80,210 homes.
Total revenues for the fourth quarter of 2024 amounted to $9.9 billion. Revenues from home sales decreased by 9% to $9.5 billion, primarily due to a 7% decrease in the number of home deliveries and a 3% decrease in the average sales price of homes delivered.
Looking at the company's financial position, Lennar ended the quarter with homebuilding cash and cash equivalents of $4.7 billion and no outstanding borrowings under its $2.9 billion revolving credit facility, illustrating a strong balance sheet.
In terms of guidance, Lennar expects to deliver between 17,000 and 17,500 homes for the first quarter of 2025 and between 86,000 and 88,000 homes for the full year 2025, including the impact of the acquisition of Rausch Coleman Homes.
The market has reacted to these announcements by moving the company's shares -5.4% to a price of $138.06. If you want to know more, read the company's complete 8-K report here.
