Lennar Reports Mixed Q2 Results: EPS Miss, Revenues Beat

Lennar Corp. LEN released its second-quarter results after Monday's closing bell. Here's a look at the key figures from the quarter. 

The Details: Lennar reported quarterly earnings of $1.90 per share, which missed the Street estimate of $1.94. Quarterly revenue of $8.38 billion beat the analyst consensus estimate of $8.16 billion.

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For the second quarter, Lennar reported:

• New orders increased 6% to 22,601 homes.
• Backlog of 15,538 homes with a dollar value of $6.5 billion.
• Deliveries increased 2% to 20,131 homes.
• Homebuilding operating earnings of $728 million
  • Gross margin on home sales of 17.8%.
  • SG&A expenses as a percentage of revenues from home sales of 8.8%.
  • Net margin on home sales of 8.9%.
• Financial Services operating earnings of $157 million.

“While we continue to see softness in the housing market due to affordability challenges and a decline in consumer confidence, we adhered to our strategy of driving starts, sales, and closings in order to build long-term efficiencies in our business,” Stuart Miller, Co-CEO of Lennar, said.

LEN Price Action: According to data from Benzinga Pro, Lennar stock was up 2.58% at $112.32 in Monday's extended trading. 

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