Lennar Corporation Exceeds Q4 Estimates Despite Market Challenges

Plans to lower debt and increase share repurchase target to $2 billion in 2024 amid rising interest rates.

Lennar Corporation reported Q4 earnings of $5.17 per share, exceeding estimates of $4.59, a 2.99% increase over earnings of $5.02 per share from the same period last year.
The company reported quarterly sales of $10.97 billion which exceeded the analyst consensus estimate of $10.22 billion, a 7.81% increase over sales of $10.17 billion the same period last year.
Revenues from home sales grew 8% to $10.4 billion, from $9.7 billion in the same quarter in 2022, attributed to a 19% increase in the number of home deliveries, reaching 23,795 homes.
The company had $6.3 billion of Homebuilding cash and cash equivalents on Nov. 30.
Lennar stated it will allocate capital to lower debt as it comes due and raise its share repurchase target to $2 billion in 2024.