Lennar (LEN) Reports Q1 Beat, Provides Guidance
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Lennar's Q1 2022 Operating Performance Reflects Continued Strength in the Housing Market
March 16, 2022 4:30 PM EDTNet earnings per diluted share were $1.69 ($2.70, excluding mark-to-market losses on technology investments) Net earnings were $503.6 million ($800.2 million, excluding mark-to-market losses on technology investments) Revenues increased 16% to $6.2 billion Deliveries increased 2% to 12,538 homes New orders increased 1% to 15,747 homes; new orders dollar value increased 19% to $7.8 billion Backlog increased 24% to 27,335 homes; backlog dollar value increased 43% to $13.6 billion Homebuilding operating earnings increased to $1.1 billion, compared to operating earnings of $0.8 billion Gross margin on home sales improved 190 basis points ("bps") to 26.9% S,G&A expenses as... More
