Lennar Corp
The Details: Lennar reported quarterly earnings of $3.90 per share, which beat the analyst consensus estimate of $3.63 by 7.44%. Quarterly revenue clocked in at $9.416 billion, beating the consensus estimate of $9.164 billion and representing a 7.86% increase over the same period last year.
- New orders increased 5% to 20,587 homes.
- Lennar reported a backlog of 16,944 homes with a dollar value of $7.7 billion.
- Deliveries increased 16% to 21,516 homes.
- Lennar reported homebuilding operating earnings of $1.5 billion with gross margin on home sales of 22.5%.
- Average home price was $422,000 in the third quarter.
"Although affordability continued to be tested during the quarter, purchasers remained responsive to increased sales incentives, resulting in a 16% increase in our deliveries and a 5% increase in our new orders year over year," Miller added.
Outlook: Lennar sees fourth-quarter new orders in a range of 19,000 to 19,300 and deliveries between 22,500 and 23,000. The company expects the average sales price to be approximately $425,000.
What Else: The company will host a conference call at 11 a.m. ET Friday to discuss the results. BofA Securities analyst Rafe Jadrosich maintained Lennar with a Neutral rating and raised the price target from $171 to $190 before the print on Thursday.
LEN Price Action: According to Benzinga Pro, Lennar shares are down 3.36% in extended trading at $185.99 after gaining 2.13% in Thursday's regular session.