Lennar Corporation (NYSE:LEN) reported stronger-than-expected third-quarter results, driven by increased new home orders amid ongoing robust housing demand, though the company’s stock dipped nearly 2% pre-market today.
The homebuilder posted earnings of $3.90 per share for the quarter, beating analyst expectations of $3.64 per share. Revenue also exceeded forecasts, reaching $9.42 billion, compared to the anticipated $9.16 billion.
Lennar saw a 5% year-over-year rise in new home orders, totaling 20,587 homes, signaling strong demand in the housing market. Home deliveries grew by 16%, reaching 21,516 homes compared to the same period last year.
Executive Chairman and Co-CEO Stuart Miller highlighted favorable market conditions for homebuilders, including strong employment, ongoing housing supply shortages, and solid demand driven by household formation.
Looking ahead to the fourth quarter, Lennar expects to deliver between 22,500 and 23,000 homes and secure new orders of 19,000 to 19,300 homes. The company forecasts an average sales price of approximately $425,000 and expects gross margins to remain steady compared to Q3.