Lennar shares down 2% despite Q3 beat By Investing.com

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Lennar shares down 2% despite Q3 beat

Published Dec 14, 2022 17:48

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By Davit Kirakosyan

Lennar Corp. (NYSE:LEN) shares fell more than 2% after-hours despite the company’s reported Q3 results, with EPS of $5.02 coming in better than the consensus estimate of $4.88. Revenue grew 21% year-over-year to $10.17 billion, compared to the consensus estimate of $9.98B.

"In the fourth quarter, consistent with our strategy of maintaining tight inventory control, our home deliveries were 20,064, up 13% over last year, and in line with our guidance estimate given at the beginning of the quarter,” said Stuart Miller, Executive Chairman of Lennar.

Q4 revenues from home sales increased 21% year-over-year to $9.7B. New orders decreased 15% year-over-year to 13,200 homes. New orders dollar value decreased 24% year-over-year to $5.5B.

The company provided its outlook, expecting 12,000 - 13,500 deliveries for Q1/23 and 60,000 - 65,000 deliveries for the full year.

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