Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions in 13F filing

New DHI NVR LEN positions, Exited MCK MMC, Lowered ATVI GM CVX holdings

Highlights from Q2 2023 filing as compared to Q1 2023:

• New positions in: DHI (~5.97 mln shares), LEN (~0.15 mln), NVR (~0.01 mln)
• Increased positions in: OXY (affirmed increased to ~224.13 mln shares from ~211.71 mln shares), COF (to ~12.47 mln from ~9.92 mln)
• Maintained positions in: BAC (~1032.85 mln shares), AAPL (~915.56 mln shares), KO (~400 mln shares), KHC  (~325.63 mln shares), AXP (~151.61 mln shares), HPQ (~120.95 mln shares), DVA (~36.1 mln shares), MCO (~24.67 mln shares)
• Closed positions in: MCK (from ~2.29 mln shares), MMC (from ~0.4 mln), VTS (from ~0.05 mln)
• Decreased positions in: ATVI (to ~14.66 mln shares from ~49.44 mln shares), GM (to ~22 mln from ~40 mln), CVX (to ~123.12 mln from ~132.41 mln), GL (to ~2.52 mln from ~6.35 mln), CE (to ~5.36 mln from ~8.82 mln)

-=Lennar (LEN) reported earnings on Wed 15 Dec 21 (a/h)

  ** charts after earnings **

Lennar misses by $0.24, reports revs in-line 

• Reports Q4 (Nov) earnings of $3.91 per share, $0.24 worse than the S&P Capital IQ Consensus of $4.15; revenues rose 23.6% year/year to $8.43 bln vs the $8.51 bln S&P Capital IQ Consensus.
  • Deliveries increased 11% to 17,819 homes; New orders increased 2% to 15,539 homes; new orders dollar value increased 16% to $7.3 billion.
  • Backlog increased 26% to 23,771 homes; backlog dollar value increased 45% to $11.4 bln.
• Co guides to Q1 (Feb) new orders of 14,800-15,100 homes; guides to about 12,500 deliveries; guides to average sales price of $460K.
• Co guides to FY22 deliveries of about 12,500; guides to average sales price of $460K.
• "Our record fourth quarter results reflect both continued strength in the housing market across the country, and continued housing supply shortage driven by limited entitled land, labor and supply chain constraints, and 10 years of production shortfall. While our new orders grew a controlled 2% compared to last year's seasonally strong fourth quarter, we achieved a homebuilding gross margin of 28.0%...The housing industry continues to exhibit strong demand, outweighing supply, and we are confident that we will continue to generate solid growth and enhance our current market position."

Earnings this week : Dec. 13 - 17, 21 (wk 50)

 

Wednesday (Dec 15)

• Morning:  ABM REVG TTC
• Afternoon:  HEI  LEN  NDSN TCOM

Thursday (Dec 16)

• Morning: ACN   ADBE JBL WOR
• Afternoon:  FDX NX SCS RIVN EXFY SCHL NOTV YCBD

Friday (Dec 17)  

• Morning:  DRI WGO GENC

-=Lennar (LEN) reported earnings on Wed 27 March 19 (b/o)

Lennar misses by $0.02, misses on revs

• Reports Q1 (Feb) earnings of $0.74 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of $0.76; total revenues rose 29.8% year/year to $3.87 bln vs the $4.1 bln S&P Capital IQ Consensus.
• New home deliveries, excluding unconsolidated entities, increased to 8,802 homes in the first quarter of 2019 from 6,734 homes in the first quarter of 2018, primarily as a result of the significant increase in volume resulting from the CalAtlantic acquisition. The average sales price of homes delivered was $410,000 in the first quarter of 2019, compared to $393,000 in the first quarter of 2018.

Earnings this week : March 25 - 29, 19 (wk 13)

Earnings confirmed for next week

Monday (March 25)

• Morning: CMCM WGO YRD
• Afternoon: RHT

Tuesday (March 26)

• Morning: CCL CONN CRON FDS INFO MKC NEOG
• Afternoon: KBH OLLI SCVL

Wednesday (March 27)

• Morning: HOME LEN OMN PAYX SCWX TITN UNF VRNT
• Afternoon: FIVE FUL LULU PVH SNX VRNT

Thursday (March 28)

• Morning:  ACN MOV QIWI RUBY SPWH
• Afternoon: OXM PRGS RH SAIC SGH 

Friday (March 29)

• Morning: BB  KMX

Notable earnings reports: MediWound (NASDAQ:MDWD), Red Hat (NYSE:RHT), Winnebago, (NYSE:WGO), Yirendai (NYSE:YRD) and FalconStor Software (OTC:FALC) on March 25;

Neogen (NASDAQ:NEOG), PhaseBio Pharmaceuticals (NASDAQ:PHAS), IHS Markit (NASDAQ:INFO), Carnival (NYSE:CCL), Conn's (NASDAQ:CONN), McCormick & Co. (NYSE:MKC), Ollie's Bargain Outlet Holdings (NASDAQ:OLLI), Shoe Carnival (NASDAQ:SCVL), KB Home (NYSE:KBH) and Orion Group Holdings (NYSE:ORN) on March 26;

Affimed (NASDAQ:AFMD), Osmotica Pharmaceuticals (NASDAQ:OSMT), electroCore (NASDAQ:ECOR), Fuller (NYSE:FUL), Bassett Furniture Holdings (NASDAQ:BSET), At Home Group (NYSE:HOME), UniFirst (NYSE:UNF), Five Below (NASDAQ:FIVE), Lululemon (NASDAQ:LULU), PVH, RumbleON (NASDAQ:RMBL), Lennar (NYSE:LEN), Paychex (NASDAQ:PAYX), Weidai (NYSE:WEI), SecureWorks (NASDAQ:SCWX), Synnex (NYSE:SNX), Verint (NASDAQ:VRNT), Arcos Dorados Holdings (NYSE:ARCO) and Evine Live (NASDAQ:EVLV) on March 27;

Forty Seven (NASDAQ:FTSV), Rubius Therapeutics (NASDAQ:RUBY), Tricida (NASDAQ:TCDA), Unum Therapeutics (NASDAQ:UMRX), Vascular Biogenics (NASDAQ:VBLT), Accenture (NYSE:ACN), Progress Software (NASDAQ:PRGS), SAIC, Smart Global Holdings (NASDAQ:SGH), China Automotive Systems (NASDAQ:CAAS), Dollarama (OTC:DLMAF), MAV Beauty Brands (OTCPK:MAVBF), Movado Group (NYSE:MOV), Sportsman's Warehouse (NASDAQ:SPWH), Oxford Industries (NYSE:OXM), Reed's (NYSEMKT:REED), RH, Qiwi (NASDAQ:QIWI), Syncora Holdings (OTCPK:SYCRF) and Gafisa (OTC:GFASY) on March 28.

BlackBerry (NYSE:BB) and CarMax (NYSE:KMX) on March 29.

-=Lennar (LEN) reported earnings on Wed 9 Jan 2019 (b/o)

Lennar beats by $0.01, reports revs in-line

• Reports Q4 (Nov) earnings of $1.96 per share, $0.01 better than the S&P Capital IQ Consensus of $1.95; revenues rose 70.7% year/year to $6.46 bln vs the $6.46 bln S&P Capital IQ Consensus.
• Deliveries of 14,154 homes -- up 64%. New orders of 10,611 homes -- up 44%.
• New orders dollar value of $4.2 billion -- up 49%.
• Backlog of 15,616 homes -- up 75%; backlog dollar value of $6.6 billion -- up 85%.

Earnings this week : Jan 7 - 11, 19 (wk 2)

Note we will probably see a large number of companies preannouncing fourth quarter results next week.

Monday (Jan 7) 
Today is the start of the 4th quarter "guidance season" and we've had 39 companies provide guidance this morning.  22 of them were positive while 11 were negative.  Only January 2010, 2016, and 2018 (the 4th quarters of 2009, 2015, and 2017) had stronger starts.

• Morning: CMC
• Afternoon: None

Tuesday (Jan 8)

• Morning: AZZ HELE LNN
• Afternoon: KSHB SGH 

Wednesday (Jan 9)

• Morning: AYI GBX LEN MSM SCHN STZ
• Afternoon: BBBY KBH PSMT WDFC

Thursday (Jan 10)

• Morning: None
• Afternoon: SNX

Friday (Jan 11)

• APHA

-=Lennar (LEN) reported earnings on Wed 4 Apr 2018 (b/o)

Lennar beats by $0.29, misses on revs 

• Reports Q1 (Feb) earnings of $1.11 per share, $0.29 better than the Capital IQ Consensus of $0.82; revenues rose 27.5% year/year to $2.98 bln vs the $3.05 bln Capital IQ Consensus.
  • Deliveries of 6,765 homes -- up 24%, including 819 homes from acquired CalAtlantic communities
  • New orders of 8,456 homes -- up 30%; new orders dollar value of $3.4 billion -- up 38% including 1,069 homes with a dollar value of $507.9 million from acquired CalAtlantic communities
  • Backlog of 17,566 homes -- up 95%; backlog dollar value of $7.7 billion -- up 118% including 7,190 homes with a dollar value of $3.6 billion from acquired CalAtlantic communities

=CalAtlantic Group (CAA) and Lennar (LEN) announce merger

• Lennar-CalAtlantic merger creates largest U.S. homebuilder 

CalAtlantic Group and Lennar (LEN) announce merger (80% stock and 20% cash), creating the nation's leading homebuilder; the implied value of the stock consideration is $51.34 per share 

Lennar (LEN) and CalAtlantic (CAA) announced that their respective boards of directors have unanimously approved a definitive merger agreement pursuant to which each share of CalAtlantic stock will be exchanged for 0.885 shares of Lennar Class A common stock in a transaction valued at ~$9.3 billion, including $3.6 billion of net debt assumed. The business combination will create the nation's largest homebuilder with the last twelve months of revenues in excess of $17 billion and equity market capitalization, based on current market prices, of ~$18 billion.

The combined company will control ~240,000 homesites and will have ~1,300 active communities in 49 markets across 21 states, where ~50% of the U.S. population currently lives. It is currently anticipated that the transaction will generate annual cost savings and synergies of ~$250 million, with ~$75 million achieved in fiscal year 2018. These synergies are expected to be achieved through direct cost savings, reduced overhead costs and the elimination of duplicate public co expenses. Additional savings are also expected through production efficiencies, technology initiatives, and the roll out of Lennar's digital marketing and dynamic pricing programs. Each share of CalAtlantic stock will be converted into the right to receive 0.885 shares of Lennar Class A common stock. Based on the closing price of Lennar's Class A common stock on the NYSE on October 27, 2017, the implied value of the stock consideration is $51.34 per share, representing a 27% premium to CalAtlantic's closing price that same day. CalAtlantic's stockholders will also have the option to elect to exchange all or a portion of their shares for cash in the amount of $48.26 per share, subject to a maximum cash amount of ~$1.2 billion. CalAtlantic stockholders will receive Lennar stock unless they exercise an option to receive cash. On a pro forma basis, CalAtlantic stockholders are expected to own ~26% of the combined company. The transaction is expected to close in the first calendar quarter of 2018.

"This combination is first and foremost to enhance shareholder value. The transaction is accretive before deal costs in fiscal year 2018 and significantly accretive in fiscal year 2019. The combined company will have a strong balance sheet and generate significant cash flow available to pay down debt and repurchase shares, which will improve returns on capital and equity." Mr. Miller continued, "This combination increases our scale in the markets that we already know and in the products we already offer to entry level, move up and active adult customers. As a result, the combined company will have a top 3 ranking in 24 of the top 30 markets in the country."

Lennar (LEN) reported earnings on Fri 18 Dec 2015 (b/o)

** charts before earnings **

  

** charts after earnings **

  

Lennar beats by $0.09, reports revs in-line :

Reports Q4 (Nov) earnings of $1.21 per share, $0.09 better than the Capital IQ Consensus of $1.12; revenues rose 14.0% year/year to $2.95 bln vs the $2.97 bln Capital IQ Consensus.

• Deliveries of 7,657 homes -- up 10%
• New orders of 6,053 homes -- up 10%; new orders dollar value of $2.1 billion-- up 20%
• Backlog of 6,646 homes -- up 14%; backlog dollar value of $2.5 billion -- up 25%
• Gross margin on home sales of 24.6%, compared to 25.6% in Q4 2014, improved sequentially 50 basis points from Q3 2015