Lennar(LEN) - 2024 Q4 - Annual Results

Revenue and Earnings Performance - Homebuilding revenues for Q4 2024 were $9.55 billion, a decrease of 9.2% compared to $10.52 billion in Q4 2023[23] - Total revenues for Q4 2024 were $9.95 billion, down 9.3% from $10.97 billion in Q4 2023[23] - Net earnings attributable to Lennar for Q4 2024 were $1.10 billion, a decrease of 19.5% from $1.36 billion in Q4 2023[23] - Basic and diluted earnings per share for Q4 2024 were $4.06, down 15.8% from $4.82 in Q4 2023[23] - Homebuilding operating earnings for Q4 2024 were $1.50 billion, a decrease of 21.8% compared to $1.91 billion in Q4 2023[23] - Financial Services operating earnings for Q4 2024 were $154.48 million, down 8.7% from $169.13 million in Q4 2023[23] - Multifamily operating loss for Q4 2024 was $160,000, an improvement from a loss of $12.16 million in Q4 2023[23] - EBIT for Q4 2024 was $1.50 billion, a decrease of 19.1% from $1.85 billion in Q4 2023[23] - Homebuilding revenues for the three months ended November 30, 2024, were $9.55 billion, a decrease from $10.52 billion in the same period in 2023[24] - Total homebuilding net margins for the three months ended November 30, 2024, were $1.44 billion, down from $1.87 billion in 2023[24] - Financial Services operating earnings for the three months ended November 30, 2024, were $154.48 million, compared to $169.13 million in 2023[24] - Multifamily operating earnings for the three months ended November 30, 2024, showed a loss of $160,000, an improvement from a loss of $12.16 million in 2023[24] Homebuilding Operations - Total deliveries for the three months ended November 30, 2024, were 22,206 homes, down from 23,795 homes in 2023[25] - Total new orders for the three months ended November 30, 2024, were 16,895 homes, a slight decrease from 17,366 homes in 2023[26] - The average sales price for homes delivered in the East region for the three months ended November 30, 2024, was $408,000, down from $424,000 in 2023[25] - The West region had the highest average sales price at $644,000 for the three months ended November 30, 2024, compared to $647,000 in 2023[25] - Total homebuilding revenues for the year ended November 30, 2024, were $33.91 billion, up from $32.66 billion in 2023[24] - Total deliveries for the year ended November 30, 2024, were 80,210 homes, an increase from 73,087 homes in 2023[26] - Total new orders for the year ended November 30, 2024, were 76,951 homes with a dollar value of $32.68 billion, compared to 69,111 homes with a dollar value of $30.51 billion for the year ended November 30, 2023[27] - The average sales price for new orders in 2024 was $425,000, down from $441,000 in 2023[27] - Backlog at November 30, 2024, was 11,633 homes with a dollar value of $5.37 billion, compared to 14,892 homes with a dollar value of $6.63 billion at November 30, 2023[27] - The average sales price for backlog homes in 2024 was $462,000, up from $445,000 in 2023[27] Financial Position and Debt - Total assets increased to $41.31 billion at November 30, 2024, from $39.23 billion at November 30, 2023[28] - Homebuilding debt decreased to $2.26 billion at November 30, 2024, from $2.82 billion at November 30, 2023[30] - Stockholders' equity increased to $27.87 billion at November 30, 2024, from $26.58 billion at November 30, 2023[30] - Net homebuilding debt improved to -$2.40 billion at November 30, 2024, from -$3.46 billion at November 30, 2023[30] - Homebuilding debt to total capital ratio decreased to 7.5% at November 30, 2024, from 9.6% at November 30, 2023[30] - Net homebuilding debt to total capital ratio improved to -9.4% at November 30, 2024, from -15.0% at November 30, 2023[30] Expenses and Interest - Total interest expense for Q4 2024 was $44.01 million, down 40.9% from $74.54 million in Q4 2023[23] - Corporate general and administrative expenses for Q4 2024 were $170.01 million, an increase of 24.7% from $136.34 million in Q4 2023[23]