Homebuilder Lennar's (LEN) Stock Falls 6% Despite Q4 Beat

Lennar Corp. (NYSE: LEN) shares were trading more than 6% lower after-hours, despite the homebuilder reporting strong Q4 results, with EPS coming in at $4.36, ex-items, beating the consensus estimate of $4.15.

Quarterly revenue grew 24% to $8.4 billion (vs. Street’s $8.2 billion) primarily due to an 11% growth in the number of home deliveries and a 14% growth in the average sales price.

New orders grew 2% to 15,539 homes with dollar value increasing 16% to $7.3 billion. Backlog grew 26% to 23,771 homes with dollar value increasing 45% to $11.4 billion.

The company expects deliveries of about 12,500 for Q1/22 and about 67,000 for the full 2022-year.

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