Lennar Corp. (NYSE: LEN) reported Q2 EPS of $4.69, $0.71 better than the analyst estimate of $3.98. Revenue for the quarter came in at $8.36 billion versus the consensus estimate of $8.11 billion.

• Deliveries increased 14% to 16,549 homes
• New orders increased 4% to 17,792 homes; new orders dollar value increased 20% to $9.1 billion
• Backlog increased 16% to 28,624 homes; backlog dollar value increased 33% to $14.7 billion

"While our second quarter results demonstrate strength and excellent performance throughout the quarter, the weight of a rapid doubling of interest rates over six months, together with accelerated price appreciation, began to drive buyers in many markets to pause and reconsider," CEO Stuart Miller said. We began to see these effects after quarter end."

GUIDANCE:

"We e recognize that current attempts at guidance are tantamount to 'guessing' and not 'guiding." Therefore, for our third quarter, we will give broad boundaries for deliveries between 17,000 to 18,500 homes and boundaries for gross margins between 28.5% – 29.5%. For the full year, we will leave our delivery expectations at approximately 68,000 homes and, at this time, will not provide updated guidance for other items. Recognizing that the Fed\'s actions are still quite fluid and responsive to inflation data, the housing market will rebalance supply and demand, and interest rates and purchase price as market conditions evolve. Nevertheless, at Lennar, we are operating from a position of strength, enabling us to continue to execute on our core strategies."

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