Lennar Non-GAAP EPS of $5.18 beats by $0.32, revenue of $8.93B misses by $100M

Sep. 21, 2022 4:32 PM ETLennar Corporation (LEN)By: Pranav Ghumatkar, SA News Editor
  • Lennar press release (NYSE:LEN): Q3 Non-GAAP EPS of $5.18 beats by $0.32.
  • Revenue of $8.93B (+28.7% Y/Y) misses by $100M.
  • Deliveries increased 13% to 17,248 homes
  • New orders decreased 12% to 14,366 homes; new orders dollar value decreased 11% to $6.7 billion
  • Backlog of 25,734 homes - consistent with prior year; backlog dollar value increased 8% to $12.9 billion.
  • Gross margin on home sales improved 190 basis points to 29.2%.
  • Retired $575 million of homebuilding senior notes due November 2022
  • Homebuilding debt to total capital improved to 15.0%, compared to 21.2%.
  • Q4 Outlook: New Orders 14,000 - 15,500, Average Sales Price $475,000 - $480,000, Deliveries 20,000 - 21,000, Gross Margin % on Home Sales 26.0% - 27.0%, Financial Services Operating Earnings $50 million - $60 million.
  • Shares +0.66%.

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