Homebuilding company Lennar’s net earnings for the fourth quarter ended Nov. 30. came in at $3.91 per share, falling short of analysts’ expectations of $4.15 per share, according to Refinitiv data. COVID-19 pandemic-induced supply chain constraints led to higher lumber costs and delayed house deliveries.
Total revenue rose to $8.43 billion, beating the Street expectations.
Lennar's backlogs at the end of the fourth quarter rose to 23,771 from 18,821 a year ago.
The company’s orders, which is an indicator of future revenue, climbed +2.1% to 15,539 homes in the fourth quarter. Deliveries rose to 17,819 units from 16,090 units.