Key TakeawaysLennar Corporation beat expectations on the top and bottom lines with its fiscal third-quarter results.The homebuilder guided investors toward no quarter-over-quarter growth for its gross margin on home sales.The stock, which rose Thursday following the Fed's rate cut, gave back some of those gains today. Lennar (LEN) shares dropped Friday despite stronger-than-expected quarterly results as the homebuilder's guidance left investors uninspired. The company said it expects its fiscal fourth-quart ...

文章核心观点 - 雷纳公司(Lennar Corporation)第三季度财报超出市场预期 [1][2] - 公司收入同比增长,但利润略有下降 [1][2] - 公司采取定价、优惠、营销等措施维持销量,应对利率波动 [1] 财务数据总结 收入和利润 - 收入同比增长7.9%至94.2亿美元,超出市场预期 [2] - 调整后每股收益3.90美元,同比下降0.3%,但仍超出市场预期 [2] 分部表现 - 房地产建筑业务收入同比增长8.7%至90.5亿美元 [3] - 房地产金融服务业务收入同比增长至2.73亿美元 [4] - 多户型房地产业务收入同比下降至9.34亿美元 [5] 现金流和财务状况 - 公司现金及现金等价物为40.4亿美元,较上年末下降 [6] - 总负债率从9.6%下降至7.6% [6] - 公司在第三季度回购了340万股 [6] 未来展望 - 第四季度交付量预计22,500-23,000套,同比下降 [7] - 第四季度毛利率预计持平,销售费用率略有上升 [7] - 第四季度新订单预计19,000-19,300套,同比增长 [7] - 金融服务业务利润预计同比下降 [7]

For the quarter ended August 2024, Lennar (LEN) reported revenue of $9.42 billion, up 7.9% over the same period last year. EPS came in at $3.90, compared to $3.91 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $9.29 billion, representing a surprise of +1.35%. The company delivered an EPS surprise of +7.73%, with the consensus EPS estimate being $3.62.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectat ...

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. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.73%. A quarter ago, it was expected that this homebuilder would post earnings of $3.20 per share when it actually produced earnings of $3.38, delivering a surprise of 5.63%.Over the last four quarters, the company has surp ...

财务业绩 - 第三季度净收益增加5%至12亿美元[4] - 公司第三季度总收入为94.16亿美元，同比增长8.0%[20] - 公司第三季度净利润为11.63亿美元，同比增长4.8%[20] - 公司第三季度每股收益为4.26美元，同比增长10.1%[20] - 公司前三季度总收入为254.95亿美元，同比增长9.6%[20] - 公司前三季度净利润为28.36亿美元，同比增长10.0%[20] - 公司前三季度每股收益为10.26美元，同比增长14.9%[20] 房地产业务 - 新订单增加5%至20,587套房[2] - 交付量增加16%至21,516套房[2] - 总收入为94亿美元[2] - 房地产业务营业利润为15亿美元[2] - 毛利率为22.5%[2] - 销售、管理及管理费用占收入比为6.7%[2] - 净利润率为15.8%[2] - 第四季度预计交付22,500-23,000套房，毛利率与第三季度持平[14,15] - 公司在2024年8月31日的三个月内交付了20,587套房屋，总销售额为85.62亿美元，平均销售价格为416,000美元[25] - 公司在2024年8月31日的九个月内交付了58,004套房屋，总销售额为244.05亿美元，平均销售价格为421,000美元[26] - 公司在2024年8月31日的新订单为60,056套房屋，总销售额为254.99亿美元，平均销售价格为425,000美元[27] - 公司在2024年8月31日的订单总量为16,944套房屋，总销售额为77.48亿美元，平均销售价格为457,000美元[28] - 公司在2024年8月31日的总资产为397.41亿美元，其中包括340.82亿美元的房地产业务资产[30] - 公司在2024年8月31日的总负债为121.83亿美元，其中包括101.23亿美元的房地产业务负债[31] - 公司在2024年8月31日的股东权益为274.13亿美元[31] - 公司在2024年8月31日的净负债率为-6.9%[33] - 公司在2024年8月31日的总资本为296.76亿美元，其中房地产业务债务占比为7.6%[33] 其他业务 - 房地产建筑业务收入为90.46亿美元，同比增长8.7%[20] - 金融服务业务收入为2.73亿美元，同比增长2.6%[20] - 多户家庭业务收入为9,344万美元，同比下降32.0%[20] 股票回购 - 第三季度回购了3.4百万股公司股票，总额为5.19亿美元[12] 现金流 - 公司在2024年8月31日的现金及现金等价物为40.37亿美元[30]

Key TakeawaysHomebuilders shares rose after the Fed announced a 50 basis point interest rate cut Wednesday. Bank of America increased its price target for seven hombuilders by an average of 11%. Lennar will report earnings after the bell Thursday, with KB Home reporting next week. Homebuilder stocks are rising a day after the Federal Reserve kicked off its rate-cutting cycle, lowering the benchmark rate by half a percentage point. A lower federal funds rate exerts downward pressure on mortgage rates, which ...

Lennar Corporation LEN will release earnings results for its third quarter, after the closing bell on Thursday, Sept. 19.Analysts expect the Miami, Florida-based company to report quarterly earnings at $3.63 per share, down from $3.87 per share in the year-ago period. Lennar projects to report revenue of $9.16 billion for the quarter, compared to $8.45 billion a year earlier, according to data from Benzinga Pro.On June 17, Lennar reported quarterly earnings of $3.38 per share, which beat the analyst consens ...

Warren Buffett-led Berkshire Hathaway Inc.’s (BRK.B) portfolio hasn’t fared badly against the S&P 500’s return amid a higher interest rate environment. However, Buffett hopes for interest rate cuts like several market pundits as it would jack up the share price of two of his beloved housing stocks NVR, Inc. (NVR) and Lennar Corporation (LEN) . Here’s why – Freddie Mac Report: U.S. Mortgage Rates DropAccording to Freddie Mac, for the week ending Sept. 12, the 30-year fixed-rate mortgage slipped to its lowest ...

公司财报相关 - Lennar公司将在9月19日收盘后公布2024财年第三季度财报（截至8月31日）[1] - 在上个季度公司盈利和总收入分别超出Zacks共识预期5.6%和2.2%且在过去21个季度盈利超出预期在同比基础上第二财季盈利和收入分别增长15%和9%[2] - 对于即将公布的季度每股收益的Zacks共识预期在过去60天从3.63美元降至3.62美元较上年同期的3.91美元下降7.4% 收入共识预期为92.9亿美元较上年同期的87.3亿美元增长6.4%[3] 公司业绩预测相关 - Zacks模型显示公司此次没有盈利超出预期的可能公司盈利ESP为0.00% Zacks排名为3 [4] - 公司第三财季房屋销售预计因交付量增加较上年同期有所增长公司一直受益于注重生产和销售速度而非价格的稳健运营策略土地轻量化策略以及有利的定价和产品组合模型预测本季度房屋销售同比增长5.4%至87.3亿美元房屋建筑收入预计为87.6亿美元同比增长5.3%[5] - 公司预计本季度交付房屋20570套较一年前的18559套增长10.8%预计交付房屋的平均售价为424410美元较一年前的448000美元有所下降预计新订单为20795套较一年前增长5.7%模型预测积压房屋为18098套或85.1亿美元较上年同期的21321套或98.5亿美元有所下降[6][7] - 预计本季度房屋建筑销售总务和管理（SG&A）费用占房屋销售的比例为7.5%较上年同期的7%有所上升金融服务运营收益预计为139.9百万美元较上年同期的149百万美元有所下降[8] 公司股票表现相关 - 公司股票今年迄今（YTD）上涨24.7%低于Zacks建筑产品 - 房屋建筑行业同期28%的涨幅也低于同行公司如D.R Horton（28.2%）NVR（33.9%）和PulteGroup（35.2%）[9] - 公司股票交易价格较行业略高估值偏高[10] 公司发展战略相关 - 公司适应波动市场条件的能力体现在2024年前两个季度的表现中尽管可负担性和市场波动等挑战依然存在但公司专注于轻资产模式和持续生产应能使其在2024年及以后继续取得成功公司计划将土地资产分拆成一家新的上市公司以进一步增强其财务状况[11] - 尽管利率在6.75%到7.3%之间波动公司通过提供利率补贴和降价等激励措施来减轻可负担性担忧公司专注于“均匀流”制造模式强调持续生产和成本降低从而实现更好的现金流和利润率公司在第二财季末保持7.7%的低债务资本比率为历史最低[12] - 低住房库存和有利的人口趋势预计将推动房屋建筑市场的增长本月预期的降息可能会进一步推动住房市场提升像Lennar以及D.R. Horton、PulteGroup和NVR等同行的前景但利率削减幅度和通货膨胀的不可预测性继续影响住房市场的强度公司需要在定价和生产策略上保持灵活性土地资产分拆和其他战略举措仍在进行中这增加了复杂性和临时成本压力[13]

Shares of homebuilder Lennar Corp (NYSE:LEN) are hitting record highs today, as they head for their sixth gain in the last seven days. At last glance, the stock was up 0.8% to trade at $187.47, earlier hitting a peak of $188.10. Since the start of 2024, LEN is up 25.7%. Falling mortgage rates put the housing sector in focus ahead of the U.S. Federal Reserve's interest rate decision this week, with Zillow Group (Z) receiving an upgrade earlier this morning. Lennar's earnings report is coming up too, due out ...