Lennar reports fourth quarter and fiscal 2022 results

2022 fourth quarter  highlights – comparisons to the prior year quarter net earnings per diluted share increased 16% to $4.55 increased 15% to $5.02, excluding mark-to-market adjustments on technology investments, homebuilding impairments and deposit write-offs (collectively, "adjustments") net earnings increased 11% to $1.3 billion increased 10% to $1.5 billion, excluding adjustments deliveries increased 13% to 20,064 homes new orders decreased 15% to 13,200 homes; new orders dollar value decreased 24% to $5.5 billion backlog decreased 21% to 18,869 homes; backlog dollar value decreased 23% to $8.7 billion total revenues increased 21% to $10.2 billion homebuilding operating earnings increased 4% to $1.8 billion gross margin on home sales of 24.8% pre-impairment gross margin on home sales of 25.3% - down 270 basis points ("bps") s,g&a expenses as a % of revenues from home sales improved 20 bps to 5.8% net margin on home sales of 19.0% financial services operating earnings of $124.8 million, compared to operating earnings of $111.2 million multifamily operating earnings of $14.8 million, compared to operating earnings of $9.3 million lennar other operating loss of $106.1 million, compared to operating loss of $176.2 million homebuilding cash and cash equivalents of $4.6 billion years supply of owned homesites improved to 2.5 years, compared to 3.0 years controlled homesites increased to 63%, compared to 59% no outstanding borrowings under the company's $2.6 billion revolving credit facility homebuilding debt to total capital improved to 14.4%, compared to 18.3% 2022 fiscal year  highlights – comparisons to the prior year net earnings, deliveries and revenues for 2022 were the highest in the company's history net earnings per diluted share increased 10% to $15.72 increased 38% to $17.91, excluding adjustments net earnings increased 4% to $4.6 billion increased 29% to $5.2 billion, excluding adjustments deliveries increased 11% to 66,399 homes new orders decreased 5% to 61,105 homes total revenues increased 24% to $33.7 billion net margin on home sales improved 170 bps to 21.4 % retired early $575 million of homebuilding senior notes due november 2022 repurchased 11 million shares of lennar common stock for $967.4 million miami , dec. 14, 2022 /prnewswire/ -- lennar corporation (nyse: len and len.b), one of the nation's largest homebuilders, today reported results for its fourth quarter and fiscal year ended november 30, 2022. fourth quarter net earnings attributable to lennar in 2022 were $1.3 billion, or $4.55 per diluted share, compared to $1.2 billion, or $3.91 per diluted share in the fourth quarter of 2021.
LEN-B Ratings Summary
LEN-B Quant Ranking