Homebuilding company Lennar Corp.’s fourth quarter delivery forecast is lower than analysts’ expectations, as supply chain challenges in the homebuilding industry weigh on outlook.
"During the third quarter, our company and the homebuilding industry as a whole continued to experience unprecedented supply chain challenges which we believe will continue into the foreseeable future," Lennar Executive Chairman Stuart Miller said.
Lennar cited land supply chain challenges due to delays in permit approvals. The company said it expects to deliver about 18,000 homes in the fourth quarter, compared with analysts’ expectations of 20,343 homes, according to Refinitiv data.
Orders increased +4.6% to 16,277 homes in the third-quarter. Deliveries in the quarter increased to 15,199 units from 13,842 units.
Average price for homes delivered rose +8% to $428,000.
Net earnings attributable to the company surged +111% to $1.41 billion, or $4.52 per share, in the quarter ended Aug. 31.
Revenue increased +18.2% to $6.94 billion, exceeding analysts' expectations of $6.87 billion.