Lennar (LEN) Reports Q1 Beat, Provides Guidance

Lennar Corp. (NYSE: LEN) reported its Q1 results, with EPS of $2.70 coming in better than the consensus estimate of $2.60. Revenue grew 16% year-over-year to $6.2 billion, compared to the consensus estimate of $6.11 billion. Shares rose 1.3% after-hours on the news.

Revenues from home sales increased 17% to $5.7 billion, primarily driven by a 2% increase in the number of home deliveries and a 15% increase in the average sales price.

New orders rose 1% to 15,747 homes in Q1, with new orders dollar value growing 19% to $7.8 billion. Backlog grew 24% to 27,335 homes, with backlog dollar value growing 43% to $13.6 billion.

Stuart Miller, Executive Chairman of Lennar, said the company expects to deliver 16,000-16,300 homes in Q2, with homebuilding gross margins ranging from 28.0% to 28.25%. For the full year, the company expects to deliver about 68,000 homes (up from 67,000 prior), with homebuilding gross margins of 27.25% – 28.0% (up from 27.0% – 27.5% prior).

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