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Lennar CEO on Q3 results: ‘demand remains strong’

Lennar Corporation (NYSE: LEN) remained roughly flat in extended trading even after the homebuilder reported better-than-expected profit for its fiscal third quarter.

Key takeaways from Lennar Q3 report

Earned $1.47 billion versus the year-ago $1.41 billion
Per-share earnings climbed from $4.52 to $5.03
On an adjusted basis, profit was $5.18 per share
Revenue jumped 29% year-on-year to $8.93 billion
Consensus was $4.91 a share on $8.93 billion revenue
Deliveries were up 13% YoY to 17,248 homes

New orders, though, were down 12% due to the higher rates. At $6.7 billion, new order value noted an 11% annualised decline as well.

Other notable figures

Other notable figures in the earnings report include a backlog of 25,734 homes – in line with last year. Dollar value of the backlog went up 8.0% to $12.9 billion. In the earnings press release, Stuart Miller (Executive Chairman) said:

We achieved a homebuilding gross margin of 29.2% even as materials and labour costs increased. Supply chain constraints, while improving, still continue to limit deliveries. But there remains a significant national shortage of housing and demand remains strong.

Shares of the real estate company are currently down more than 30% for the year.

Lennar Corp future outlook

For the current financial quarter, Lennar forecasts 20,000 to 21,000 deliveries. It expects up to 15,500 new orders at a price to $475,000 to $480,000 on average. Still, Steve Grasso – the Chief Executive of Grasso Global Inc said on CNBC’s “Fast Money”:

Inflation in housing, the actual price of the home, has to be coming in, or sooner or later will be coming in, which means their bottom line will be less. You can’t think in a rising rate environment that they are going to earn more money going forward.

Wall Street has a consensus “overweight” rating on the Lennar stock.

The post Lennar CEO on Q3 results: ‘demand remains strong’ appeared first on Invezz.

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