Lennar Reports Third Quarter 2023 Results.

MIAMI: Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, today reported results for its third quarter ended August 31, 2023. Third quarter net earnings attributable to Lennar in 2023 were $1.1 billion, or $3.87 per diluted share, compared to third quarter net earnings attributable to Lennar in 2022 of $1.5 billion, or $5.03 per diluted share. Excluding mark-to-market losses on technology investments in both years and one-time items in the prior year, third quarter net earnings attributable to Lennar in 2023 were $1.1 billion or $3.91 per diluted share, compared to third quarter net earnings attributable to Lennar in 2022 of $1.5 billion or $5.18 per diluted share.

Net earnings per diluted share of $3.87

$3.91, excluding mark-to-market losses on technology investments

Net earnings of $1.1 billion

Deliveries increased 8% to 18,559 homes

New orders increased 37% to 19,666 homes; new orders dollar value increased 30% to $8.6 billion

Backlog of 21,321 homes with a dollar value of $9.9 billion

Total revenues of $8.7 billion

Homebuilding operating earnings of $1.5 billion

Gross margin on home sales of 24.4%

S,G&A expenses as a % of revenues from home sales of 7.0%

Net margin on home sales of 17.4%

Financial Services operating earnings of $148 million

Multifamily operating loss of $9 million

Lennar Other operating loss of $26 million

Homebuilding cash and cash equivalents of $3.9 billion

Years supply of owned homesites of 1.5 years and controlled homesites of 73%

No outstanding borrowings under the Company's $2.6 billion revolving credit facility

Homebuilding debt to total capital of 11.5%

Redeemed $425 million of 5.875% homebuilding senior notes due November 2024

Repurchased $50 million aggregate principal amount of senior notes due in fiscal year 2024

Repurchased 3 million shares of Lennar common stock for $366 million

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "Market conditions remained constructive for new homebuilders during our third quarter, as the Fed continued to use tighter money supply and higher interest rates as tools to battle inflation, while enabling continued economic growth. At the same time, short housing supply, absorbed by strong primary and pent-up demand, continued to define a strong sales environment. Homebuilders continued to use incentives, including buy-downs, to offset rising interest rates and tighter capital, which limit affordability. Our solid third quarter performance reflects strong strategic focus, and even as the month of August saw another uptick in interest rates, we were able to continue to drive sales pace."

Mr. Miller continued, "Against this backdrop, our third quarter earnings were $1.1 billion, or $3.87 per diluted share, compared to $1.5 billion, or $5.03 per diluted share last year. Our average sales price per home delivered was $448,000 in the third...