Lennar reports second quarter 2024 results

Second quarter 2024 highlights - comparisons to the prior year quarter net earnings per diluted share increased 15% to $3.45 $3.38, excluding mark-to-market losses on technology investments and one-time gain on sale of a technology investment net earnings increased 9% to $954 million new orders increased 19% to 21,293 homes backlog of 17,873 homes with a dollar value of $8.2 billion deliveries increased 15% to 19,690 homes total revenues of $8.8 billion homebuilding operating earnings of $1.3 billion gross margin on home sales of 22.6% s,g&a expenses as a % of revenues from home sales of 7.5% net margin on home sales of 15.1% financial services operating earnings of $146 million multifamily operating loss of $20 million lennar other operating loss of $28 million homebuilding cash and cash equivalents of $3.6 billion years supply of owned homesites of 1.2 years and controlled homesites of 79% no outstanding borrowings under the company's $2.2 billion revolving credit facility homebuilding debt to total capital of 7.7% redeemed $454 million aggregate principal amount of its 4.50% senior notes due april 2024 repurchased $100 million aggregate principal amount of its 4.75% senior notes due november 2027 repurchased 3.8 million shares of lennar common stock for $603 million miami , june 17, 2024 /prnewswire/ -- lennar corporation (nyse: len and len.b), one of the nation's leading homebuilders, today reported results for its second quarter ended may 31, 2024. second quarter net earnings attributable to lennar in 2024 were $954 million, or $3.45 per diluted share, compared to second quarter net earnings attributable to lennar in 2023 of $872 million, or $3.01 per diluted share.
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