Lennar Corporation - LEN STOCK NEWS

Lennar Corporation reported strong fourth quarter results for 2022, with net earnings of $1.3 billion ($4.55/share), a 16% increase year-over-year. Revenues grew 21% to $10.2 billion, driven by a 13% increase in home deliveries to 20,064. However, new orders declined 15% to 13,200 homes. For the fiscal year, net earnings reached $4.6 billion ($15.72/share), a 10% increase, with total revenues of $33.7 billion, up 24%. Cash reserves were robust at $4.6 billion, with no debt under the credit facility. Guidance for Q1 2023 anticipates deliveries between 12,000 to 13,500 homes.

Lennar Corporation (NYSE: LEN, LEN.B) will release its fourth-quarter earnings on December 14, 2022, after market close. A conference call is scheduled for December 15, 2022, at 11:00 a.m. Eastern Time, which will be available via webcast on Lennar's investor relations website. Founded in 1954, Lennar is a leading homebuilder, providing a range of homes for various generations. The company also offers mortgage financing and develops multifamily rental properties across the U.S.

Lennar and ICON are set to revolutionize homebuilding with the launch of a 100-home community of 3D-printed homes in Georgetown, Texas. Construction is already underway, and reservations will begin in 2023. This innovative project blends advanced robotics, software, and sustainable design, with homes priced from the mid-$400,000s. Co-designed by BIG-Bjarke Ingels Group, the homes feature energy efficiency, architectural appeal, and robust technology integration. This partnership aims to address the ongoing housing shortage through cutting-edge construction methods.

Lennar Corporation (NYSE: LEN and LEN.B) announced a quarterly cash dividend of $0.375 per share for both Class A and Class B common stock. This dividend is payable on October 27, 2022, to shareholders recorded by the close of business on October 13, 2022. Founded in 1954, Lennar is a leading builder of homes for all generations and offers a range of services including mortgage financing and multifamily rental properties.

Lennar Corporation reported a strong third quarter for 2022, with net earnings rising 11% to $1.47 billion, or $5.03 per diluted share. Excluding mark-to-market gains, earnings surged 48% to $1.51 billion, or $5.18 per share. Home deliveries increased 13% to 17,248, while new orders fell 12%. The backlog of homes remained stable at 25,734, with an 8% rise in backlog value to $12.9 billion. Total revenues jumped 29% to $8.9 billion, driven by a gross margin improvement to 29.2%. The company successfully retired $575 million in debt and ended the quarter with $1.3 billion in cash.

Quarterra Multifamily, a subsidiary of Lennar Corporation (NYSE: LEN, LEN.B), has announced the promotions of Chris Cassidy, Scott Johnson, and Brad Reisinger to regional presidents overseeing newly established regions: East, Central, and West, respectively. Cassidy will manage 18,226 homes in the East, Johnson will oversee 13,947 homes in the Central region, and Reisinger will lead 15,880 homes in the West. The company operates a diverse portfolio with a $19.8 billion pipeline, consisting of 48,000 homes in various stages of development.

Quarterra, a subsidiary of Lennar Corporation (LEN, LEN.B), has opened Spectra, a luxury mixed-use community in Redmond, WA, featuring 450 apartment homes and 37,259 square feet of retail space. This development, in partnership with QuadReal Property Group, marks the first residential project in the rezoned Marymoor Village area. Move-ins begin in September 2022, with a range of amenities including a pool, fitness center, and co-working space. The project enhances connectivity to major employers and attractions, aiming to offer modern urban living with suburban benefits.

Lennar Corporation (NYSE: LEN and LEN.B) will release its third-quarter earnings on September 21, 2022, after market close. The earnings report will cover the period ending August 31, 2022. A subsequent conference call is scheduled for September 22, 2022, at 11:00 a.m. ET, which will be available for live listening on Lennar's investor website. For those unable to attend, a recording will be archived for 90 days. Established in 1954, Lennar is a leading homebuilder focused on providing quality homes.

LMC, a subsidiary of Lennar Corporation (NYSE: LEN), has commenced leasing for the Residences Kierland, a mid-rise community in Scottsdale, Arizona. This development features 290 apartment homes and townhomes, designed for luxury living with amenities like The Retreat Spa and a fitness center. Located near employment hubs and upscale shopping, the community offers easy access to major highways. Residences Kierland represents LMC's fifth project in the Phoenix area, enhancing its portfolio which includes a pipeline of 42,000 homes valued over $16.4 billion.