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LEN NYSE· Lennar Corporation
Earnings report Q4 2023

LENNAR CORPORATION Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

In the latest quarter, Lennar Corporation reported total revenues of $34.23 billion. The breakdown of revenues by segment is as follows:

  • Homebuilding: $32.66 billion
  • Financial Services: $976.86 million
  • Multifamily: $573.49 million
  • Lennar Other: $22.04 million

Strengths

Lennar Corporation demonstrated strong revenue growth in the latest quarter, with total revenues increasing by 1.8% compared to the previous quarter. This growth was primarily driven by higher revenues from home sales, which increased by 2% to $32.46 billion. The increase in home sales was attributed to a 10% rise in the number of home deliveries, offsetting a 7% decrease in the average sales price of homes delivered. Additionally, the Financial Services segment also contributed to the revenue growth, with revenues of $976.86 million.

Challenges

While Lennar Corporation reported overall revenue growth, there were some challenges in certain segments. The Multifamily segment experienced an operating loss of $50.6 million in the latest quarter, compared to operating earnings of $69.5 million in the same quarter last year. The Lennar Other segment also faced an operating loss of $211.2 million, primarily due to negative mark-to-market adjustments on publicly traded technology investments and a write-off of a non-public technology investment.

Noteworthy

It is worth noting that Lennar Corporation's net earnings attributable to the company were $3.9 billion in the latest quarter, compared to $4.6 billion in the same quarter last year. This decrease in net earnings can be attributed to various factors, including the operating losses in the Multifamily and Lennar Other segments.

Summary

Lennar Corporation reported strong revenue growth in the latest quarter, driven by higher revenues from home sales and the Financial Services segment. However, challenges were observed in the Multifamily and Lennar Other segments, which resulted in an overall decrease in net earnings compared to the same quarter last year. Despite these challenges, Lennar Corporation remains well-positioned in the homebuilding industry, benefiting from increased home deliveries and a diverse revenue stream.

Source documents

Form 10-K  filed on Jan 26, 2024
120 pages scanned

Reference data

Company financials Q4 revenue 10.97B
Analyst estimates Q4 EPS beat by 46.39%
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