Lennar Reports Q3 Earnings, New Orders Rise 37%

Lennar Corporation LEN shares are roughly flat after-hours Thursday on the heels of the company's third-quarter earnings report. Here's a look at the details.

What To Know: Lennar reported quarterly earnings of $3.91 per share which beat the analyst consensus estimate of $3.51. Quarterly sales of $8.73 billion beat the analyst consensus estimate of $8.45 billion but fell 2.28% from the same period last year.

New orders increased 37% to 19,666 homes while the new orders dollar value increased 30% to $8.6 billion.

Lennar anticipates new orders in the fourth-quarter in a range between 16,200 and 17,200, and the average sales price consistent with the third-quarter.

Stuart Miller, Executive Chairman and Co-CEO of Lennar, said, "Market conditions remained constructive for new homebuilders during our third quarter, as the Fed continued to use tighter money supply and higher interest rates as tools to battle inflation, while enabling continued economic growth."

"At the same time, short housing supply, absorbed by strong primary and pent-up demand, continued to define a strong sales environment. Homebuilders continued to use incentives, including buy-downs, to offset rising interest rates and tighter capital, which limit affordability."

Related Link: Adobe Stock Volatile Following Q3 Earnings Results

LEN Price Action: Shares of LEN were flat at $117.78 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Paul Brennan from Pixabay