Lennar (LEN, $66.03) beats Q2 earnings...

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Jun 21, 2022

Lennar (LEN, $66.03) beats Q2 earnings expectations

Lennar posted its second-quarter earnings that surpassed analysts’ expectations, leading to the homebuilding company’s shares climbing by as much as 5% in the premarket Tuesday.

Net income rose to $4.49 a share, from the year-ago quarter’s $2.65 a share. Excluding mark-to-market losses on technology investments, the company’s earnings came in at $4.69, exceeding the consensus expectations of $3.95 a share (based on FactSet poll).

Lennar’s total revenue surged +30% from the year-ago quarter to $8.36 billion, topping FactSet consensus of $8.11 billion.

Revenue from the Homebuilding business segment rose +32.3% from the prior-year quarter to $7.98 billion. Home deliveries for the quarter increased +14% year-over-year to 16,549 units. The average sales price of homes delivered was $483,000, + 17% higher from the year-ago level.

New orders were up+ 4% from the year-ago quarter to 17,792 homes. The potential value of net orders climbed +20% year over year to $9.1 billion.

Gross margin on home sales widened to 23.4% from 18.6%, notwithstanding increases in materials costs and wages .

“The weight of a rapid doubling of interest rates over six months, together with accelerated price appreciation, began to drive buyers in many markets to pause and reconsider. We began to see these effects after quarter end,” Lennar executive chairman Stuart Miller mentioned.

Looking ahead, , Lennar expects deliveries of 68,000 homes for fiscal year 2022. The company, did not issue guidance for other metrics, citing its belief that the Fed’s actions “are still quite fluid and responsive to inflation data.”

For the fiscal third quarter, the company projects deliveries in the range of 17,000-18,500 homes, with a gross margin on home sales of 28.5-29.5%. It expects new orders to be in the range of 16,000 to 18,000 units,

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