Lennar Corp. (NYSE:LEN) reported its Q3 results, with EPS of $5.18 coming in better than the consensus estimate of $4.86. Revenue grew 29% year-over-year to $8.9 billion, compared to the consensus estimate of $8.97 billion.
Deliveries grew 13% year-over-year to 17,248 homes. New orders decreased 12% to 14,366 homes, with new orders’ dollar value down 11% to $6.7 billion.
“While our new orders declined 12% compared to last year’s third quarter, we continued to maintain a consistent starts pace and drive sales by adjusting pricing and incentives. Sales have clearly been impacted by rising interest rates, but there remains a significant national shortage of housing, especially workforce housing, and demand remains strong as we navigate the rebalance between price and interest rates,” said Stuart Miller, Executive Chairman of Lennar.
The company provided its Q4 guidance, expecting New Orders in the range of 14,000 – 15,500 and Deliveries in the range of 20,000 – 21,000.