- Lennar (NYSE:LEN) stock rises 1.8% in after-hours trading after boosting guidance for FY2021 gross margin and average home sale price, while reaffirming its prior guidance for deliveries.
- Expects FY2021 gross margin to increase to 25.0% vs. prior guidance of 20.6% and average sales price of $400K vs. prior view of $386K-$388K.
- Still sees deliveries of 62K-64K for the year.
- Sees Q2 deliveries of 14.2K-14.4K vs. Visible Alpha consensus of 15.3K; average sales price of $405K vs. estimate of $390.3K; and gross margin as percentage of home sales at 25.0% (vs. 23.72% estimate).
- Fiscal Q1 EPS, excluding pretax gain, of $2.04 vs. consensus estimate of $1.74; compares with $2.82 in Q4 of fiscal 2020 and $1.27 in the year-ago quarter.
- Revenue for the quarter ended Feb. 28, 2021 was $5.33B vs. $5.21B consensus; compares with $6.83B in Q4 and $4.51B in Q1 2020.
- Average sales price during the quarter was $398K vs. $393K in Q4 2020 and $402K in Q1 2020.
- Q1 deliveries of homes of 12.3K vs. guidance of 12.2K-12.5K; rose 19% Y/Y.
- Q1 new orders of homes of 15.6K vs. 14.7K Visible Alpha consensus; compares with 15.2K in Q4 and rose 26% Y/Y.
- Backlog at Jan. 31, 2021 was 22.1K homes, up 25%; backlog dollar volume of $9.5B, up 32%.
- Conference call on March 17 at 11:00 AM ET.
- Previously (March 16): Lennar EPS beats by $0.30, beats on revenue