Lennar Q3 earnings per share rise 10% to $4.26 as deliveries climb 16%
Lennar reported third-quarter 2024 results for the quarter ended August 31, 2024, with net earnings of $1.2 billion, or $4.26 per diluted share, up from $3.87 a year earlier. The results include a $179 million one-time gain from asset sales in LMV Fund I and a $90 million write-down; excluding mark-to-market gains and one-time items, earnings were $3.90 per diluted share. Gross margin on home sales fell to 22.5% from 24.4%, and the company expects fourth-quarter deliveries of 22,500 to 23,000 homes.
- Net earnings per diluted share of $4.26, up from $3.87 a year earlier; $3.90 excluding mark-to-market gains and one-time items
- Deliveries rose 16% to 21,516 homes, and total revenues were $9.4 billion
- Gross margin on home sales was 22.5%, down from 24.4% in the prior-year quarter
- Fourth-quarter 2024 guidance: 22,500 to 23,000 deliveries and gross margin flat with the third quarter