Lennar Corp. (NYSE:LEN) released its third-quarter results after Thursday's closing bell. Here's a look at the details in the report.
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The Details: Lennar reported adjusted earnings of $2 per share, which missed the consensus estimate of $2.10.
Quarterly revenue came in at $8.81 billion, which missed the Street estimate of $8.99 billion.
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Lennar reported the following Q3 highlights:
- New orders increased 12% to 23,004 homes
- Backlog of 16,953 homes with a dollar value of $6.6 billion
- Deliveries of 21,584 homes -- consistent with prior year
- Total revenues of $8.8 billion
- Homebuilding operating earnings of $760 million
- Gross margin on home sales of 17.5%
- SG&A expenses as a % of revenues from home sales of 8.2%
- Net margin on home sales of 9.2%
- Financial Services operating earnings of $178 million
- Multifamily operating loss of $16 million
“Our third quarter results reflect both the continued pressures of today’s housing market and the consistency of Lennar’s operating strategy. This quarter, we delivered 21,584 homes and recorded 23,004 new orders,” said Stuart Miller, co-CEO of Lennar.
“Achieving these results required additional incentives, resulting in a reduced average sales price of $383,000, and our gross margin drifted down to 17.5%, while our SG&A expenses came in at 8.2%, reflecting the soft market conditions,” Miller added.
LEN Stock Price: According to data from Benzinga Pro, Lennar stock was down 3.36% at $128.40 in Thursday's extended trading.
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