莱纳建筑-A 2025年第二季度报告

HomeProfileStockFinancialsEarningsEvents & presentationsPress releasesGovernanceInformation request HomeProfileStockFinancialsEarningsEvents & presentationsPress releasesGovernanceInformation request Back to Press Releases Related Links Lennar Reports Third Quarter 2025 Results Sep 18, 2025 Third Quarter 2025 Highlights - comparisons to the prior year quarter Net earnings per diluted share of $2.29 ($2.00 excluding mark-to-market gains on technologyinvestments)Net earnings of $591 millionNew orders increased 12% to 23,004 homesBacklog of 16,953 homes with a dollar value of $6.6 billionDeliveries of 21,584 homes - consistent with prior yearTotal revenues of $8.8 billionHomebuilding operating earnings of $760 millionGross margin on home sales of 17.5%SG&A expenses as a % of revenues from home sales of 8.2%Net margin on home sales of 9.2%Financial Services operating earnings of $178 millionMultifamily operating loss of $16 millionLennar Other operating earnings of $62 millionYears supply of owned homesites of 0.1 yearsControlled homesites of 98%Homebuilding cash and cash equivalents of $1.4 billionOutstanding borrowings of $1.1 billion under the Company's $3.1 billion revolving credit facilityHomebuilding debt to total capital of 13.5%Repurchased 4.1 million shares of Lennar common stock for $507 million MIAMI, Sept. 18, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B),one ofthe nation'sleading homebuilders, today reported results for its third quarter ended August 31, 2025. Third quarter netearnings attributable to Lennar in 2025 were $591 million, or $2.29 per diluted share, compared to third quarternet earnings attributable to Lennar in 2024 of$1.2 billion, or $4.26 per diluted share. Excluding mark-to-marketgains of $99 million on technology investments, third quarter net earnings attributable to Lennar in 2025 were$516 million, or $2.00 per diluted share. Excluding mark-to-market gains of $39 million on technology investments and one-time items of $89 million in the Company's Multifamily segment, third quarter netearnings attributable to Lennar in 2024 were $1.1 billion or $3.90 per diluted share. Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "Our third quarter resultsreflect both the continued pressures of today's housing market and the consistency of Lennar's operatingstrategy. This quarter, we delivered 21,584 homes and recorded 23,004 new orders. Achieving these resultsrequired additional incentives, resulting in a reduced average sales price of $383,000, and our gross margindrifted down to 17.5%, while ourSG&A expenses came in at 8.2%, reflecting the soft market conditions." Mr. Miller continued, "While our current results reflect incentives and price adjustments to match marketconditions, our scale and technology investments are building the foundation for structural cost efficiencies.Backed by a strong balance sheet and disciplined execution, we remain confident in our ability to build marginas conditions stabilize and to create sustained value." Jon Jaffe, Lennar's Co-Chief Executive Officer and President, added, "During the quarter, we achieved a startspace and sales pace of 4.4 homes and 4.7 homes per community per month, respectively, as we used targetedincentives, including mortgage rate buydowns, to sustain momentum. Additionally, we carefully managed ourinventory levels, ending the quarter with fewer than two completed, unsold homes per active community, whichis within our historical range. Inventory turns improved to 1.9 times, and cycle time improved to 126 days, theshortest cycle time we've ever experienced. This reflects the impact of our production-first approach andcontinued successful negotiations with our trade partners. These efficiency gains, together with our digitalmarketing and land-management initiatives, position us to deliver consistent volume, support affordability, anddrive further improvements in our cost structure." Mr. Miller concluded, "Interest rates remained elevated throughout the third quarter, but then declined towardsthe quarter's end. This downward trend, paired with the Fed's recent rate cut, gives us optimism as we head intothe fourth quarter. Therefore, we believe that now is a good time to moderate our volume and allow the marketto catch up. Accordingly, for the fourth quarter of 2025, we expect new orders of 20,000 - 21,000 homes,deliveries of 22,000 - 23,000 homes, and gross margin of approximately 17.5%, consistent with the thirdquarter, depending on market conditions." "Looking ahead, the long-term need for housing remains, and we are committed to meeting affordability,sustaining even-flow production, and lowering costs through efficiency and scale." RESULTS OF OPERATIONSTHREE MONTHS ENDED AUGUST 31, 2025 COMPARED TOTHREE MONTHS ENDED AUGUST31, 2024 As previously announced on February 10, 2025, Lennar Corporation completed its acquisition of RauschColeman Homes. Prior year information includ