Lennar reports first quarter 2024 results

First quarter 2024 highlights - comparisons to the prior year quarter net earnings per diluted share increased 25% to $2.57 net earnings increased 21% to $719 million new orders increased 28% to 18,176 homes; new orders dollar value increased 21% to $7.7 billion backlog of 16,270 homes with a dollar value of $7.4 billion deliveries increased 23% to 16,798 homes total revenues increased 13% to $7.3 billion homebuilding operating earnings of $1.0 billion gross margin on home sales of 21.8% s,g&a expenses as a % of revenues from home sales of 8.2% net margin on home sales of 13.6% financial services operating earnings of $131 million multifamily operating loss of $16 million lennar other operating loss of $40 million homebuilding cash and cash equivalents of $5.0 billion years supply of owned homesites of 1.3 years and controlled homesites of 77% no outstanding borrowings under the company's $2.6 billion revolving credit facility homebuilding debt to total capital of 9.6% repurchased 3.4 million shares of lennar common stock for $506 million increased stock repurchase program up to an additional $5.0 billion increased annual dividend from $1.50 per share to $2.00 per share miami , march 13, 2024 /prnewswire/ -- lennar corporation (nyse: len and len.b), one of the nation's leading homebuilders, today reported results for its first quarter ended february 29, 2024. first quarter net earnings attributable to lennar in 2024 were $719 million, or $2.57 per diluted share, compared to first quarter net earnings attributable to lennar in 2023 of $597 million, or $2.06 per diluted share.
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