Lennar (LEN) Falls as Reported Q3 Revenue Beats, EPS Slightly Missed Estimates

September 20, 2021 5:19 PM EDT

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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.

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