Lennar Corporation has announced the retirement of two key executives, Chief Operating Officer Fred Rothman and General Counsel Mark Sustana, effective September 2, 2025. Rothman has been with the company since 2006 and served as COO since 2019, while Sustana has held his position since 2005. Following their retirements, Sustana will remain with the company as a consultant under a new agreement, providing legal and business advice for a two-year term. The company does not plan to replace Rothman.
Katherine Lee Martin will assume the role of Chief Legal Officer and Corporate Secretary on the same date. Martin brings over 20 years of experience in corporate law, having most recently served as Executive Vice President and General Counsel at Hertz. She has also held significant roles at X Corp. and the U.S. Department of Justice. The transition aims to ensure continuity in leadership and legal oversight as Lennar continues its operations in the homebuilding sector.
linkAug 04, 2025 16:31:15
Lennar Corporation reported net earnings of $520 million for the first quarter of 2025, translating to $1.96 per diluted share, a decline from $719 million, or $2.57 per diluted share, in the same quarter of 2024. New orders for homes increased by 1% to 18,355, while the dollar value of new orders fell by 4% to $7.4 billion. Home deliveries rose by 6% to 17,834 homes, contributing to total revenues of $7.6 billion. The company maintained a backlog of 13,145 homes valued at $5.8 billion and reported homebuilding operating earnings of $809 million, with a gross margin of 18.7% and a net margin of 10.2%. Additionally, the company ended the quarter with $2.3 billion in cash and no debt under its revolving credit facility, reflecting a strong balance sheet position.
Conversely, the average sales price of homes delivered decreased by 1% to $408,000, reflecting market challenges. Gross margins on home sales also fell from 21.8% in the previous year to 18.7% this quarter, largely due to increased land costs. Selling, general, and administrative expenses rose to 8.5% of revenues from 8.2% year-over-year. The Multifamily operations broke even, compared to a loss in the prior year, but the Lennar Other segment recorded an operating loss of $89 million, attributed to technology investment losses. Overall, the company faced a challenging macroeconomic environment, impacting consumer access to homeownership.
linkMar 20, 2025 17:15:20
Lennar Corporation reported net earnings of $1.1 billion for the fourth quarter of 2024, translating to $4.06 per diluted share. This marks a decrease from $1.4 billion and $4.82 per share in the same quarter last year. The company's total revenues for the quarter were $9.9 billion, with homebuilding operating earnings at $1.5 billion. The backlog of homes stood at 11,633 with a dollar value of $5.4 billion, while cash and cash equivalents amounted to $4.7 billion, reflecting a solid liquidity position. Additionally, Lennar repurchased 3 million shares for $521 million during this period, underscoring its commitment to returning value to shareholders.
On the downside, new orders fell by 3% to 16,895 homes, and deliveries decreased by 7% to 22,206 homes compared to the previous year. The average sales price of homes delivered also declined slightly to $430,000, attributed to increased incentives and market adjustments. The gross margin on home sales decreased to 22.1% from 24.2% in the prior year, indicating pressures on profitability amid rising interest rates that impacted demand. The company acknowledged challenges in the housing market, emphasizing the need to adjust sales strategies in response to affordability constraints.
linkDec 18, 2024 16:33:39
The Company has established commercial financial arrangements with nearly all lenders under its Credit Facility, which includes financial, advisory, and investment banking services. Additionally, certain lenders' affiliates are involved as underwriters for the Company's senior notes issuances, indicating a broad engagement with financial partners in various capacities.
On the negative side, the press release mentions the creation of a Direct Financial Obligation or an Off-Balance Sheet Arrangement, which may raise concerns about the Company's financial commitments and obligations. This aspect could potentially affect the overall financial outlook and stability of the Company.
linkDec 02, 2024 16:16:31
Lennar Corporation's Q2 2024 showcased a 15% increase in net earnings per share, a 19% rise in new orders, and a 15% increase in home deliveries. The company reported $8.8 billion in total revenues, with a strong focus on managing costs and improving margins. Lennar also repurchased shares and reduced debt, ending the quarter with a robust balance sheet. The company remains optimistic about future performance and aims to deliver 80,000 homes for the year with a consistent margin.
linkJun 17, 2024 16:31:36
Lennar Corporation reported strong Q4 and fiscal 2023 results, with net earnings of $1.4 billion, new orders increasing by 32%, and total revenues of $11.0 billion in Q4. The company also improved its balance sheet, with no outstanding borrowings, reduced debt, and increased liquidity. Despite challenges from higher interest rates, Lennar's operational strategy focused on maintaining production pace and sales, resulting in a 19% increase in deliveries. The company aims for a 10% delivery growth rate in 2024 and plans to increase its share repurchase target to $2 billion.
linkDec 14, 2023 17:07:22
Lennar Corporation will redeem all outstanding 4.875% Senior Notes due 2023 on November 29, 2023, paying the Redemption Price equal to 100% of the principal amount of the Notes along with accrued and unpaid interest. Holders must present and surrender the Notes to the Paying Agent to collect the Redemption Price and any accrued interest. Interest on the Notes will cease to accrue after the Redemption Date.
linkOct 26, 2023 16:05:31