Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Lennar shares down 2% despite Q3 beat

Published 12/15/2022, 06:48 AM
© Reuters.
LEN
-

By Davit Kirakosyan

Lennar Corp. (NYSE:LEN) shares fell more than 2% after-hours despite the company’s reported Q3 results, with EPS of $5.02 coming in better than the consensus estimate of $4.88. Revenue grew 21% year-over-year to $10.17 billion, compared to the consensus estimate of $9.98B.

"In the fourth quarter, consistent with our strategy of maintaining tight inventory control, our home deliveries were 20,064, up 13% over last year, and in line with our guidance estimate given at the beginning of the quarter,” said Stuart Miller, Executive Chairman of Lennar.

Q4 revenues from home sales increased 21% year-over-year to $9.7B. New orders decreased 15% year-over-year to 13,200 homes. New orders dollar value decreased 24% year-over-year to $5.5B.

The company provided its outlook, expecting 12,000 - 13,500 deliveries for Q1/23 and 60,000 - 65,000 deliveries for the full year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.