BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Lennar's Strong Q2 2024 Performance and Positive Outlook
Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, announced impressive second quarter results for 2024, showcasing substantial growth and a positive outlook for the upcoming quarter. The highlights of their financial performance reflect significant improvements in various key areas compared to the prior year quarter.
Key Highlights from Q2 2024
- Net Earnings and EPS: Net earnings per diluted share increased by 15% to $3.45. Excluding mark-to-market losses on technology investments and a one-time gain on the sale of a technology investment, the EPS stood at $3.38.
- Net Earnings: Net earnings rose by 9% to $954 million.
- New Orders and Deliveries: New orders surged by 19% to 21,293 homes, while deliveries increased by 15% to 19,690 homes.
- Revenue and Margins: Total revenues reached $8.8 billion. The gross margin on home sales was 22.6%, and the net margin on home sales was 15.1%.
- Financial Stability: Lennar reported homebuilding cash and cash equivalents of $3.6 billion with no outstanding borrowings under their $2.2 billion revolving credit facility.
Detailed Performance Insights
Lennar's homebuilding operating earnings were robust at $1.3 billion, supported by a well-managed gross margin of 22.6% and selling, general, and administrative (SG&A) expenses constituting 7.5% of revenues from home sales. Their financial services segment contributed $146 million in operating earnings. However, there were operating losses in the multifamily segment ($20 million) and the Lennar Other segment ($28 million).
The company maintained a strong balance sheet, ending the quarter with $3.6 billion in cash and no outstanding borrowings on their credit facility. Additionally, Lennar redeemed $454 million of its 4.50% senior notes and repurchased $100 million of its 4.75% senior notes. They also repurchased 3.8 million shares of common stock for $603 million.
Positive Outlook for Q3 2024
Lennar has provided optimistic guidance for the third quarter of 2024, expecting to deliver between 20,500 and 21,000 homes with an average sales price between $420,000 and $425,000. They project a gross margin on home sales of approximately 23.0% and SG&A expenses as a percentage of home sales between 7.3% and 7.5%. Financial services operating earnings are expected to range from $135 million to $140 million.
(Source: Lennar)
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