Lennar Corp Reports Strong Third Quarter Results
Lennar Corp (LEN) reported its third-quarter financial results on Thursday, November 2nd, after the closing bell. The company exceeded analyst expectations, reporting earnings per share of $3.90, surpassing the consensus estimate of $3.63 by 7.44%. Revenue for the quarter came in at $9.416 billion, exceeding the consensus estimate of $9.164 billion and representing a 7.86% increase over the same period last year.
Earnings: $3.90 per share, beating analyst estimates by 7.44%
$9.416 billion, exceeding analyst estimates by 7.86% and representing a 7.86% increase year-over-year
16,944 homes with a dollar value of $7.7 billion
$1.5 billion with gross margin on home sales of 22.5%
$422,000
Stuart Miller, executive chairman and Co-CEO of Lennar, commented on the results, stating that the company is pleased with another solid quarter, driven by a constructive economic environment for homebuilders. He highlighted strong employment, chronic housing supply shortages, and solid demand driven by strong household formation as key factors contributing to the positive results.
Miller also acknowledged affordability concerns but noted that buyers responded positively to increased sales incentives, resulting in a 16% increase in deliveries and a 5% increase in new orders year-over-year.
Lennar expects fourth-quarter new orders to range between 19,000 and 19,300, with deliveries between 22,500 and 23,000. The company anticipates an average sales price of approximately $425,000.
Despite the strong results, Lennar shares declined 3.36% in extended trading at $185.99. This follows a 2.13% gain in the regular session on Thursday.