Lennar: EPS up 10% in Q3

(CercleFinance.com) - Lennar Corp reports third-quarter 2023-24 EPS up 10% to $4.
26 ($3.90 excluding special items), as well as operating profit of $1.5 billion for its homebuilding business.

Revenues from home sales rose 9% to $9 billion, driven by a 16% increase in the number of homes delivered, partially offset by a 6% decline in the average selling price.

New orders rose by 5% to nearly 20,600 homes, and Lennar's backlog at the end of August stood at just over 16,900 homes worth $7.7 billion.

'The economic environment remains very constructive for homebuilders', judges its president and co-CEO Stuart Miller, pointing to vigorous employment, a chronic shortage of housing supply and solid demand.

Copyright (c) 2024 CercleFinance.com. All rights reserved.