Lennar reports fourth quarter and fiscal 2024 results

2024 fourth quarter  highlights– comparisons to the prior year quarter net earnings per diluted share of $4.06 ($4.03, excluding mark-to-market gains on technology investments) net earnings of $1.1 billion new orders decreased 3% to 16,895 homes; new orders dollar value decreased 1% to $7.2 billion backlog of 11,633 homes with a dollar value of $5.4 billion deliveries decreased 7% to 22,206 homes total revenues of $9.9 billion homebuilding operating earnings of $1.5 billion gross margin on home sales of 22.1% s,g&a expenses as a % of revenues from home sales of 7.2% net margin on home sales of 14.9% financial services operating earnings of $154 million multifamily operating loss of $0.2 million lennar other operating earnings of $0.5 million homebuilding cash and cash equivalents of $4.7 billion years supply of owned homesites of 1.1 years and controlled homesites of 82% no outstanding borrowings under the company's $2.9 billion revolving credit facility homebuilding debt to total capital of 7.5% repurchased 3 million shares of lennar common stock for $521 million in november 2024, the company entered into a definitive agreement to acquire rausch coleman homes, a residential homebuilder, which is expected to close in the first quarter of 2025 2024 fiscal year  highlights - comparisons to prior year net earnings per diluted share of $14.31 ($13.86, excluding mark-to-market gains and other one-time items, (collectively, "adjustments")) net earnings of $3.9 billion ($3.8 billion excluding adjustments) new orders increased 11% to 76,951 homes deliveries increased 10% to 80,210 homes total revenues of $35.4 billion gross margin on home sales of 22.3%; net margin of 14.9% redeemed/repurchased $554 million of senior notes repurchased 13.6 million shares of lennar common stock for $2.1 billion homebuilding return on inventory of 29.2% miami , dec. 18, 2024 /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, 2024. fourth quarter net earnings attributable to lennar in 2024 were $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.
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