lennar corp LEN Shares traded higher on Thursday after the company reported mixed financial results.
Lennar said that revenue for the third quarter rose 29% year over year to $8.93 billion, falling short of the $9.03 billion average, according to analyst estimates Gasoline Pro. The company reported quarterly earnings of $5.18 per share, beating analysts’ average estimate of $4.91 per share.
Home deliveries rose 13% year over year to 17,248 in the third quarter, while new orders fell 12%.
“Although our new orders were down 12% compared to the third quarter of last year, we’ve continued to maintain a steady launch pace and increased sales through pricing and incentive adjustments,” he said Stuart MullerCEO of Lennar.
“Sales have clearly been impacted by rising interest rates, but there remains a significant nationwide housing shortage, particularly for blue-collar housing, and demand remains strong as we manage the rebalancing between price and interest rates.”
Lennar expects between 14,000 and 15,000 new orders in the fourth quarter. The company expects to deliver between 20,000 and 21,000 homes in the fourth quarter with average selling prices between $475,000 and $480,000.
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LEN Price Action: Lennar has a 52-week high of $116.36 and a 52-week low of $62.54.
The stock is up 3.65% at press time to $78.69 Gasoline Pro.
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