Lennar Full Year 2024 Earnings: In Line With Expectations

Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, reported results for its fourth quarter and fiscal year ended November 30, 2024, with earnings largely in line with expectations. The company's full year earnings were $3.9 billion, or $14.31 per diluted share, compared to $3.9 billion, or $13.73 per diluted share for the year ended November 30, 2023. Excluding adjustments, net earnings attributable to Lennar for the year ended November 30, 2024 were $3.8 billion, or $13.86 per diluted share, compared to $4.1 billion, or $14.25 per diluted share for the year ended November 30, 2023.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "In the course of our fourth quarter, the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose almost 100 basis points through the quarter. Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates."

Lennar's homebuilding segment performed well in 2024, with a strong focus on cash flow management and balance sheet fortification. New orders increased 11% to 76,951 homes, and deliveries increased 10% to 80,210 homes. The company ended the year with a backlog of 11,633 homes with a dollar value of $5.4 billion. Lennar's homebuilding operating earnings for the fourth quarter of 2024 were $1.5 billion, with a gross margin on home sales of 22.1% and a net margin on home sales of 14.9%.




Lennar's full year 2024 earnings performance was driven by several factors, including increased new orders and deliveries, stable gross and net margins, effective cash flow management, and strategic acquisitions. The company's focus on matching sales pace with production, maintaining a strong balance sheet, and expanding its market reach through acquisitions contributed to its overall earnings growth.

Looking ahead, Lennar expects new orders of 17,500-18,000 homes and deliveries of 17,000-17,500 homes for the first quarter of 2025. The company's strategic objectives and strong performance in 2024 position it well for continued growth and success in the coming year.