Lennar (LEN) Falls as Reported Q3 Revenue Beats, EPS Slightly Missed Estimates
- Wall St ends up with Goldman; Dow posts biggest weekly rise since June
- Goldman Sachs (GS) Smashes Analyst 3Q Views on Robust M&A and Underwriting Activity
- Tesla (TSLA) Stock: Jefferies Raises Price Target on Higher Capacity Ramp and Sustained Demand, Berlin Giga Will Set New Design and Assembly Standards Says Analyst
- Food, fuels lift U.S. import prices in September
- SEC to Allow First Ever Bitcoin (BTC) ETF - Report
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Lennar Corp. (NYSE: LEN) shares were trading around 3% lower after-hours, following the homebuilder's third-quarter results, with reported revenue of $6.9 billion (up 18% year-over-year) beating the Street estimate of $6.86 billion, driven by a 10% increase in the number of home deliveries and an 8% increase in the average sales price.
The company’s Q3 EPS grew 100% year-over-year to $4.52. Quarterly EPS, excluding the mark to market gains on the company's strategic investments, was $3.27, which is slightly below the consensus estimate of $3.28.
Deliveries of homes were up 10% to 15,199 (about 600 below the low end of the company’s guidance), and new home orders were up 5% to 16,277.
According to Stuart Miller, the Executive Chairman of Lennar, the company, as well as the whole homebuilding industry, continued to experience unprecedented supply chain challenges, which the company believes to continue into the foreseeable future.
Given the supply chain constraints, the company adjusted its Q4 guidance, expecting around 18,000 home deliveries and new home orders of 15,200 - 15,400.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Lennar Corp. (LEN) Announces Up to $1B Share Buyback
- Goldman Sachs cashes in on M&A wave to cap stellar quarter for U.S. banks
- Sensient Technologies (SXT) Tops Q3 EPS by 5c
Create E-mail Alert Related CategoriesEarnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!