Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 173

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 2
Chunk 173
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 ahead to the fourth quarter of 2025, we anticipate selling between 20,000 to 21,000 homes and delivering between 22,000 and 23,000 homes. Our average sales price is expected to be between $380,000 and $390,000, as we continue to see pricing pressure on homes sold during the quarter. We are focused on driving sales and closings and maintaining strong current cash flow even at reduced profitability. We expect our margin to come in at approximately 17.5%, depending on market conditions. 

While the short-term road ahead may seem choppy, we are optimistic about our future. We are well-prepared with a strong national footprint, increasing community count, and growing volume. Our strong balance sheet and land banking relationships, along with our technology-enabled solutions, will afford us flexibility and advantaged opportunities for strategic growth. 

(1) Results of Operations

Overview

We historically have experienced, and expect to continue to experience, variability in quarterly results. Our results of operations for the three and nine months ended August 31, 2025 are not necessarily indicative of the results to be expected for the full year. Our homebuilding business is seasonal in nature and generally reflects higher levels of new home order activity in our second and third fiscal quarters and increased deliveries in the second half of our fiscal year. However, a variety of factors can alter seasonal patterns.

Our net earnings attributable to Lennar were $591.0 million, or $2.29 per diluted share, in the third quarter of 2025, compared to our third quarter net earnings attributable to Lennar in 2024 of $1.2 billion, or $4.26 per diluted share. Excluding mark-to-market gains of $99.2 million on technology investments, third quarter net earnings attributable to Lennar in 2025 were $516.0 million, or $2.00 per diluted share. Excluding mark-to-market gains of $39.1 million on technology investments and one-time items of $89.0 million in our Multifamily segment, third quarter net earnings attributable to Lennar in 2024 were $1.1 billion or $3.90 per diluted share.

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Financial information relating to our operations was as follows:

Three Months Ended August 31, 2025(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporateTotalRevenues:Sales of homes$8,213,580 — — — —