Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 43

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 1
Chunk 43
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 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 $519.5 million, or $1.96 per diluted share, in the first quarter of 2025, compared to net earnings attributable to Lennar of $719.3 million, or $2.57 per diluted share, in the first quarter of 2024. Excluding mark-to-market losses on technology investments, first quarter net earnings attributable to Lennar in 2025 were $566.7 million, or $2.14 per diluted share, compared to first quarter net earnings attributable to Lennar in 2024 were $723.3 million or $2.58 per diluted share.

Financial information relating to our operations was as follows:

Three Months Ended February 28, 2025(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporateTotalRevenues:Sales of homes$7,240,546 — — — — 7,240,546 Sales of land35,326 — — — — 35,326 Other revenues7,998 277,077 63,196 7,402 — 355,673 Total revenues7,283,870 277,077 63,196 7,402 — 7,631,545 Costs and expenses:Costs of homes sold5,888,144 — — — — 5,888,144 Costs of land sold36,077 — — — — 36,077 Selling, general and administrative expenses615,739 — — — — 615,739 Other costs and expenses— 133,594 73,376 23,564 — 230,534 Total costs and expenses6,539,960 133,594 73,376 23,564 — 6,770,494 Equity in earnings (losses) from unconsolidated entities35,004 — 727 (2,497)— 33,234 Other income (expense), net and other gains (losses)30,359 — 9