- Rising interest rates look like they're hitting at least a little bit, with new orders of 4,785 homes up 14% Y/Y vs. a 27% gain in Q2; dollar value of new orders up 32%. Backlog of 5,958 homes up 32%; dollar value up 53%. Cancellation rate of 18% vs. 14% in Q2.
- Gross margin of 24.9% up 170 basis points. Operating margin of 14.7% up 350 basis points as SG&A expense improved 180 bps to 10.2%.
- Naturally seeing a bright future for the industry, management mentions "bumps along the road" in the near-term picture.
- Q3 earnings.
- Press release.
- Earnings call at 10:30 ET.
- LEN +0.5% premarket.
Rising rates begin to sting Lennar just a bit
Sep 24 2013, 07:26 ET