Lennar Q2 net earnings fall to $477 million, or $1.81 per share, from $3.45 a year earlier
Lennar reported second-quarter results for the period ended May 31, 2025, with net earnings of $477 million, or $1.81 per diluted share, down from $954 million, or $3.45 per share, a year earlier. Total revenues were $8.4 billion, down from $8.8 billion, as the average sales price of homes delivered fell to $389,000 from $426,000, while new orders and deliveries both rose. The company also gave third-quarter guidance for new orders and deliveries of 22,000 to 23,000 homes each.
- Net earnings attributable to Lennar were $477 million, or $1.81 per diluted share, versus $954 million, or $3.45 per share, in the second quarter of 2024.
- New orders rose 6% to 22,601 homes and deliveries rose 2% to 20,131 homes, while the average sales price fell to $389,000 from $426,000.
- Third-quarter guidance: new orders and deliveries of 22,000 to 23,000 homes each, average sales price of $380,000 to $385,000, and gross margin of approximately 18%.
- The company repurchased 4.7 million shares for $517 million and ended the quarter with $5.4 billion in total liquidity.