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published in Blogs
Dec 16, 2021
Lennar (LEN, $113.09) misses Q4 earnings expectations, amid supply chain issues

Lennar (LEN, $113.09) misses Q4 earnings expectations, amid supply chain issues

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.

Related Tickers: LEN