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Lennar Corporation (NYSE:LEN ) Q3 2024 Earnings Conference Call September 20, 2024 11:00 AM ET Company Participants David Collins - Vice President & Controller Stuart Miller - Executive Chairman & Co-Chief Executive Officer Jon Jaffe - Co-Chief Executive Officer & President Diane Bessette - Chief Financial Officer Conference Call Participants Alan Ratner - Zelman & Associates Stephen Kim - Evercore ISI Susan Maklari - Goldman Sachs Michael Rehaut - JPMorgan Trevor Allinson - Wolfe Research John Lovallo - UBS Operator Thank you for standing by, and welcome to Lennar's Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode.

Lennar (LEN) shares dropped Friday despite stronger-than-expected quarterly results as the homebuilder's guidance left investors uninspired.

CNBC's Jim Cramer delivers his daily Mad Dash.

Lennar (LEN) came out with quarterly earnings of $3.90 per share, beating the Zacks Consensus Estimate of $3.62 per share. This compares to earnings of $3.91 per share a year ago.

Third Quarter 2024 Highlights - comparisons to the prior year quarter Net earnings per diluted share increased 10% to $4.26 $3.90, excluding mark-to-market gains on technology investments and one-time items in the Company's Multifamily segment Net earnings increased 5% to $1.2 billion New orders increased 5% to 20,587 homes Backlog of 16,944 homes with a dollar value of $7.7 billion Deliveries increased 16% to 21,516 homes Total revenues of $9.4 billion Homebuilding operating earnings of $1.5 billion Gross margin on home sales of 22.5% S,G&A expenses as a % of revenues from home sales of 6.7% Net margin on home sales of 15.8% Financial Services operating earnings of $144 million Multifamily operating earnings of $79 million Lennar Other operating earnings of $20 million Homebuilding cash and cash equivalents of $4.0 billion Years supply of owned homesites of 1.1 years and controlled homesites of 81% No outstanding borrowings under the Company's $2.2 billion revolving credit facility Ho

Lennar Corporation LEN will release earnings results for its third quarter, after the closing bell on Thursday, Sept. 19.

Homebuilder stocks are hitting new highs as anticipation builds ahead of the Federal Reserve's upcoming rate cut decision. Both Lennar Corp LEN and PulteGroup, Inc. PHM surged to 52-week highs on Sept.

HAMILTON, N.J., Sept. 17, 2024 /PRNewswire/ -- Lennar, one of the nation's leading homebuilders, today underscored its commitment to the New Jersey market with the announcement of a strategic expansion that includes the opening of four new communities. "Lennar is known for its innovative approach to home construction and community development, as such, we are excited to introduce a range of new homesites that cater to the diverse needs of New Jersey homeowners," said Anthony Mignone, Lennar Regional Vice President for Lennar. "By leveraging our national experience and resources, we aim to create lasting value for homeowners alike across the state, while continuing to uphold Lennar's legacy of building homes that stand the test of time." The four communities are all located in highly desirable towns, only short distances from Philadelphia, New York and the Jersey Shore. Designed with convenience in mind, these developments are positioned to offer homeowners easy access to main roads and

A steady decline in mortgage rates on interest rate cut expectations would boost the stock price of Warren Buffett's beloved housing stocks NVR and Lennar.

LEN's fiscal third-quarter performance is likely to have reflected higher deliveries amid lower gross margin and higher SG&A expenses.