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Lennar Corp (NYSE:LEN) reported its second-quarter financial results after the closing bell Monday. Here's a look at the key figures from the report.
The Details: Lennar reported quarterly earnings of $3.38 per share, which beat the analyst consensus estimate of $3.24 by 4.32%.
Quarterly sales came in at $8.77 billion, which beat the analyst consensus estimate of $8.52 billion by 2.89% and represents a 8.95% increase over sales from the same period last year.
Lennar said new orders increased 19% to 21,293 homes and deliveries increased 15% to 19,690 homes. The average sales price, net of incentives, per home delivered was $426,000 in the second quarter, down 5% from last year. The company achieved a net margin on home sales of 15.1% and reported a backlog of 17,873 homes with a dollar value of $8.2 billion.
“We are pleased to report another strong quarter against the backdrop of evolving market conditions as interest rates rose for most of the quarter and then subsided as the quarter closed. Although affordability continued to be tested by interest rate movements and simultaneously challenged consumer sentiment, purchasers remained responsive to increased sales incentives, resulting in a 19% increase in our new orders and a 15% increase in our deliveries year over year,” said Stuart Miller, co-CEO of Lennar, said.
“The macroeconomic environment remained relatively consistent with employment remaining strong, housing supply remaining chronically short due to production deficits over a decade, and demand strength driven by strong household formation. We remained focused on consistent production pace driving sales pace, while using pricing, incentives, marketing spend and margin adjustment to enable consistent sales volume in a fluctuating interest rate environment.”
Lennar will host a conference call to discuss the results at 11 a.m. ET Tuesday.
Outlook: Lennar sees new orders for the third quarter in the range of 20,500 to 21,000 and an average sales price between $420,000 and $425,000.
LEN Price Action: According to Benzinga Pro, Lennar shares are down 1.92% after-hours at $153.50 at the time of publication Monday.
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Posted In: LEN
