Subtext

Lennar Corporation LEN

SectorConsumer Discretionary
Transcripts68
Date range2007-09-27 – 2025-03-21
Calls charted68

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-15-8+0+8+152007 Q32010 Q22012 Q42015 Q12017 Q22019 Q32021 Q42024 Q12007 Q3 · Overall: -9.92007 Q4 · Overall: -2.42008 Q1 · Overall: -11.02008 Q2 · Overall: -8.32008 Q3 · Overall: -4.42008 Q4 · Overall: -7.82009 Q3 · Overall: +3.62009 Q4 · Overall: +0.42010 Q1 · Overall: +3.12010 Q2 · Overall: +5.42010 Q4 · Overall: +10.12011 Q1 · Overall: +3.92011 Q2 · Overall: +3.32011 Q3 · Overall: +4.12011 Q4 · Overall: +7.42012 Q1 · Overall: +9.92012 Q2 · Overall: +7.22012 Q3 · Overall: +7.62012 Q4 · Overall: +6.22013 Q1 · Overall: +4.02013 Q2 · Overall: +4.12013 Q3 · Overall: +0.62013 Q4 · Overall: +6.52014 Q1 · Overall: +7.32014 Q2 · Overall: +3.62014 Q3 · Overall: +4.52014 Q4 · Overall: +2.72015 Q1 · Overall: +2.62015 Q2 · Overall: +7.02015 Q3 · Overall: +0.02015 Q4 · Overall: +5.12016 Q1 · Overall: +7.92016 Q2 · Overall: +5.92016 Q3 · Overall: +10.92016 Q4 · Overall: +6.42017 Q1 · Overall: +6.92017 Q2 · Overall: +12.12017 Q3 · Overall: +2.92017 Q4 · Overall: +11.32018 Q1 · Overall: +8.42018 Q2 · Overall: +11.42018 Q3 · Overall: +7.12018 Q4 · Overall: +7.92019 Q1 · Overall: +5.72019 Q2 · Overall: +5.72019 Q3 · Overall: +11.62019 Q4 · Overall: +13.02020 Q1 · Overall: -10.32020 Q2 · Overall: +2.22020 Q3 · Overall: +7.62020 Q4 · Overall: +7.32021 Q1 · Overall: +11.82021 Q2 · Overall: +6.72021 Q3 · Overall: +4.02021 Q4 · Overall: +8.82022 Q1 · Overall: +7.92022 Q2 · Overall: +0.92022 Q3 · Overall: +1.82022 Q4 · Overall: +1.02023 Q1 · Overall: +3.52023 Q2 · Overall: +10.92023 Q3 · Overall: +11.62023 Q4 · Overall: +11.22024 Q1 · Overall: +13.22024 Q2 · Overall: +11.22024 Q3 · Overall: +10.72024 Q4 · Overall: +0.32025 Q1 · Overall: +7.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-29-15+0+15+292007 Q32010 Q22012 Q42015 Q12017 Q22019 Q32021 Q42024 Q12007 Q3 · CEO: -4.42007 Q4 · CEO: +3.42008 Q1 · CEO: -14.42008 Q2 · CEO: -7.42008 Q3 · CEO: -3.62008 Q4 · CEO: -10.62009 Q3 · CEO: +10.12009 Q4 · CEO: +4.22010 Q1 · CEO: +9.02010 Q2 · CEO: +8.92010 Q4 · CEO: +15.02011 Q1 · CEO: +10.42011 Q2 · CEO: +8.82011 Q3 · CEO: +8.32011 Q4 · CEO: +8.22012 Q1 · CEO: +11.32012 Q2 · CEO: +7.62012 Q3 · CEO: +11.62012 Q4 · CEO: +7.72013 Q1 · CEO: +5.62013 Q2 · CEO: +7.52013 Q3 · CEO: +3.52013 Q4 · CEO: +11.32014 Q1 · CEO: +11.12014 Q2 · CEO: +6.42014 Q3 · CEO: +3.32014 Q4 · CEO: +5.12015 Q1 · CEO: +0.42015 Q2 · CEO: +9.92015 Q3 · CEO: +0.52015 Q4 · CEO: +9.42016 Q1 · CEO: +0.92016 Q2 · CEO: +6.62016 Q3 · CEO: +11.42016 Q4 · CEO: +9.82017 Q1 · CEO: +8.02017 Q2 · CEO: +15.62017 Q3 · CEO: +8.12017 Q4 · CEO: +20.22018 Q1 · CEO: +10.32018 Q2 · CEO: +14.32018 Q3 · CEO: +11.82018 Q4 · CEO: +13.22019 Q1 · CEO: +3.42019 Q2 · CEO: +11.72019 Q3 · CEO: +15.62019 Q4 · CEO: +16.22020 Q1 · CEO: -3.42020 Q2 · CEO: +0.42020 Q3 · CEO: +12.72020 Q4 · CEO: +21.12021 Q1 · CEO: +10.82021 Q3 · CEO: -3.32022 Q1 · CEO: +18.82022 Q2 · CEO: -5.82022 Q4 · CEO: +5.72023 Q1 · CEO: +9.42023 Q2 · CEO: +16.42023 Q3 · CEO: +18.52023 Q4 · CEO: +18.62024 Q1 · CEO: +17.82024 Q2 · CEO: +25.52024 Q3 · CEO: +13.32024 Q4 · CEO: +1.82025 Q1 · CEO: +10.92007 Q3 · CFO: -11.02007 Q4 · CFO: -5.32008 Q1 · CFO: -2.02008 Q2 · CFO: +3.02008 Q3 · CFO: +6.72008 Q4 · CFO: -2.62009 Q3 · CFO: +0.02009 Q4 · CFO: -8.12010 Q1 · CFO: -2.52010 Q2 · CFO: +8.02010 Q4 · CFO: +15.12011 Q1 · CFO: -0.72011 Q2 · CFO: +7.72011 Q3 · CFO: +14.32011 Q4 · CFO: +8.02012 Q1 · CFO: -1.12012 Q2 · CFO: +3.12012 Q3 · CFO: +4.62012 Q4 · CFO: +9.12013 Q1 · CFO: +6.12013 Q2 · CFO: +12.52013 Q3 · CFO: +8.12013 Q4 · CFO: +8.02014 Q1 · CFO: +4.72014 Q2 · CFO: +4.92014 Q3 · CFO: +3.12014 Q4 · CFO: +5.02015 Q1 · CFO: +3.62015 Q2 · CFO: +3.22015 Q3 · CFO: +5.72015 Q4 · CFO: +12.42016 Q1 · CFO: +12.32016 Q2 · CFO: +6.12016 Q3 · CFO: +14.52016 Q4 · CFO: +11.22017 Q1 · CFO: +10.02017 Q2 · CFO: +6.02017 Q3 · CFO: +2.02017 Q4 · CFO: +11.32018 Q1 · CFO: +6.82018 Q2 · CFO: +10.62018 Q3 · CFO: +6.62018 Q4 · CFO: +5.32019 Q1 · CFO: +3.52019 Q2 · CFO: +3.02019 Q3 · CFO: +5.02019 Q4 · CFO: +5.02020 Q1 · CFO: +12.22020 Q2 · CFO: +1.12020 Q3 · CFO: +4.02020 Q4 · CFO: +4.12021 Q1 · CFO: +19.82021 Q2 · CFO: +11.52021 Q3 · CFO: +9.02021 Q4 · CFO: +4.42022 Q1 · CFO: +6.32022 Q2 · CFO: +7.02022 Q3 · CFO: +10.32022 Q4 · CFO: +6.32023 Q1 · CFO: +8.12023 Q2 · CFO: +12.42023 Q3 · CFO: +14.92023 Q4 · CFO: +10.22024 Q1 · CFO: +13.62024 Q2 · CFO: +15.32024 Q3 · CFO: +16.12024 Q4 · CFO: +11.12025 Q1 · CFO: +5.5
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-41-20+0+20+412007 Q32010 Q22012 Q42015 Q12017 Q22019 Q32021 Q42024 Q12007 Q3 · Prepared remarks: -7.42007 Q4 · Prepared remarks: -3.92008 Q1 · Prepared remarks: -4.02008 Q2 · Prepared remarks: -0.22008 Q3 · Prepared remarks: -4.22008 Q4 · Prepared remarks: -11.82009 Q3 · Prepared remarks: +6.62009 Q4 · Prepared remarks: +5.32010 Q1 · Prepared remarks: +5.42010 Q2 · Prepared remarks: +12.32010 Q4 · Prepared remarks: +14.62011 Q1 · Prepared remarks: +4.22011 Q2 · Prepared remarks: +7.02011 Q3 · Prepared remarks: +12.82011 Q4 · Prepared remarks: +13.32012 Q1 · Prepared remarks: +16.02012 Q2 · Prepared remarks: +12.42012 Q3 · Prepared remarks: +11.82012 Q4 · Prepared remarks: +13.52013 Q1 · Prepared remarks: +11.62013 Q2 · Prepared remarks: +8.12013 Q3 · Prepared remarks: +9.62013 Q4 · Prepared remarks: +11.02014 Q1 · Prepared remarks: +12.82014 Q2 · Prepared remarks: +10.82014 Q3 · Prepared remarks: +6.12014 Q4 · Prepared remarks: +5.72015 Q1 · Prepared remarks: +1.52015 Q2 · Prepared remarks: +1.42015 Q3 · Prepared remarks: +0.32015 Q4 · Prepared remarks: +12.02016 Q1 · Prepared remarks: +5.32016 Q2 · Prepared remarks: +5.72016 Q3 · Prepared remarks: +10.52016 Q4 · Prepared remarks: +13.32017 Q1 · Prepared remarks: +13.52017 Q2 · Prepared remarks: +11.82017 Q3 · Prepared remarks: +7.52017 Q4 · Prepared remarks: +12.42018 Q1 · Prepared remarks: +9.32018 Q2 · Prepared remarks: +12.22018 Q3 · Prepared remarks: +11.42018 Q4 · Prepared remarks: +11.02019 Q1 · Prepared remarks: +9.32019 Q2 · Prepared remarks: +11.32019 Q3 · Prepared remarks: +17.72019 Q4 · Prepared remarks: +19.82020 Q1 · Prepared remarks: -1.92020 Q2 · Prepared remarks: +4.32020 Q3 · Prepared remarks: +7.12020 Q4 · Prepared remarks: +35.42021 Q1 · Prepared remarks: +14.12021 Q2 · Prepared remarks: +10.62021 Q3 · Prepared remarks: +6.22021 Q4 · Prepared remarks: +11.72022 Q1 · Prepared remarks: +8.22022 Q2 · Prepared remarks: +1.42022 Q3 · Prepared remarks: +2.02022 Q4 · Prepared remarks: +4.82023 Q1 · Prepared remarks: +7.12023 Q2 · Prepared remarks: +14.42023 Q3 · Prepared remarks: +19.32023 Q4 · Prepared remarks: +20.12024 Q1 · Prepared remarks: +20.12024 Q2 · Prepared remarks: +19.52024 Q3 · Prepared remarks: +16.52024 Q4 · Prepared remarks: +2.42025 Q1 · Prepared remarks: +11.82007 Q3 · Q&A responses: -9.52007 Q4 · Q&A responses: +2.22008 Q1 · Q&A responses: -15.82008 Q2 · Q&A responses: -8.32008 Q3 · Q&A responses: +0.02008 Q4 · Q&A responses: -5.12009 Q3 · Q&A responses: +5.32009 Q4 · Q&A responses: +0.72010 Q1 · Q&A responses: +7.22010 Q2 · Q&A responses: +4.52010 Q4 · Q&A responses: +14.22011 Q1 · Q&A responses: +11.22011 Q2 · Q&A responses: +6.22011 Q3 · Q&A responses: +2.22011 Q4 · Q&A responses: +3.22012 Q1 · Q&A responses: +5.92012 Q2 · Q&A responses: +4.12012 Q3 · Q&A responses: +5.82012 Q4 · Q&A responses: +2.72013 Q1 · Q&A responses: +3.02013 Q2 · Q&A responses: +6.72013 Q3 · Q&A responses: -0.92013 Q4 · Q&A responses: +6.32014 Q1 · Q&A responses: +7.02014 Q2 · Q&A responses: +3.72014 Q3 · Q&A responses: +2.42014 Q4 · Q&A responses: +3.52015 Q1 · Q&A responses: +5.62015 Q2 · Q&A responses: +15.92015 Q3 · Q&A responses: +3.52015 Q4 · Q&A responses: +8.62016 Q1 · Q&A responses: +9.32016 Q2 · Q&A responses: +9.22016 Q3 · Q&A responses: +14.02016 Q4 · Q&A responses: +6.62017 Q1 · Q&A responses: -0.62017 Q2 · Q&A responses: +13.52017 Q3 · Q&A responses: +4.32017 Q4 · Q&A responses: +14.92018 Q1 · Q&A responses: +11.32018 Q2 · Q&A responses: +13.22018 Q3 · Q&A responses: -0.72018 Q4 · Q&A responses: +9.22019 Q1 · Q&A responses: +6.12019 Q2 · Q&A responses: +8.12019 Q3 · Q&A responses: +9.82019 Q4 · Q&A responses: +12.72020 Q1 · Q&A responses: -6.82020 Q2 · Q&A responses: +0.32020 Q3 · Q&A responses: +9.02020 Q4 · Q&A responses: +11.32021 Q1 · Q&A responses: +12.12021 Q2 · Q&A responses: +7.22021 Q3 · Q&A responses: +6.02021 Q4 · Q&A responses: +9.52022 Q2 · Q&A responses: +1.62022 Q4 · Q&A responses: -3.02023 Q1 · Q&A responses: +0.32023 Q2 · Q&A responses: +8.62023 Q3 · Q&A responses: +6.22023 Q4 · Q&A responses: +4.12024 Q1 · Q&A responses: +10.12024 Q2 · Q&A responses: +3.52024 Q3 · Q&A responses: +7.82025 Q1 · Q&A responses: +6.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.55$9.74$17.932007 Q32010 Q22012 Q42015 Q12017 Q22019 Q32021 Q42024 Q12014 Q1: $2.682014 Q2: $2.942014 Q3: $3.162014 Q4: $3.292015 Q1: $3.252015 Q2: $3.412015 Q3: $3.752015 Q4: $3.882016 Q1: $3.932016 Q2: $4.072016 Q3: $4.182016 Q4: $4.142017 Q1: $4.272017 Q2: $4.512017 Q3: $4.662017 Q4: $4.892018 Q1: $5.912018 Q2: $5.952018 Q3: $6.662018 Q4: $6.592019 Q1: $5.992019 Q2: $5.712019 Q3: $5.702019 Q4: $6.062020 Q1: $6.292020 Q2: $6.302020 Q3: $7.802020 Q4: $8.612021 Q1: $10.952021 Q2: $12.072021 Q3: $13.562021 Q4: $14.992022 Q1: $16.462022 Q2: $16.802022 Q3: $14.962022 Q4: $10.532023 Q1: $10.162023 Q2: $11.312023 Q3: $13.312023 Q4: $14.582024 Q1: $14.932024 Q2: $15.372024 Q3: $15.802024 Q4: $15.50

Forward P/E

3.199.7716.352007 Q32010 Q22012 Q42015 Q12017 Q22019 Q32021 Q42024 Q12014 Q1: 15.442014 Q2: 14.102014 Q3: 13.122014 Q4: 13.092015 Q1: 15.312015 Q2: 13.772015 Q3: 13.942015 Q4: 13.012016 Q1: 11.832016 Q2: 11.262016 Q3: 10.712016 Q4: 10.632017 Q1: 12.222017 Q2: 11.952017 Q3: 10.992017 Q4: 12.512018 Q1: 10.132018 Q2: 8.822018 Q3: 7.712018 Q4: 6.232019 Q1: 8.032019 Q2: 9.122019 Q3: 9.502019 Q4: 9.282020 Q1: 4.922020 Q2: 10.072020 Q3: 10.112020 Q4: 8.632021 Q1: 9.222021 Q2: 7.572021 Q3: 7.262021 Q4: 7.552022 Q1: 5.382022 Q2: 4.102022 Q3: 4.912022 Q4: 8.622023 Q1: 9.862023 Q2: 10.142023 Q3: 8.712023 Q4: 9.962024 Q1: 11.092024 Q2: 9.672024 Q3: 11.932024 Q4: 9.41

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↓ -3.7 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↓ -7.0 fwd EPS ↑ +0.34 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -2.1 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -9.2 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -2.9 fwd EPS ↑ +1.03 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -4.3 fwd EPS ↑ +0.71 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -23.2 fwd EPS ↑ +0.23 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -5.1 fwd EPS ↑ +1.13 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -2.7 fwd EPS ↑ +1.49 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -7.1 fwd EPS ↑ +0.34 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↑ +2.5 fwd EPS ↓ -0.37 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-03-21+7.2——View →
2024 Q42024-12-19+0.3$15.509.4View →
2024 Q32024-09-20+10.7$15.8011.9View →
2024 Q22024-06-18+11.2$15.379.7View →
2024 Q12024-03-14+13.2$14.9311.1View →
2023 Q42023-12-15+11.2$14.5810.0View →
2023 Q32023-09-15+11.6$13.318.7View →
2023 Q22023-06-15+10.9$11.3110.1View →