Lennar: EPS down 17% in Q1

(CercleFinance.com) - Lennar Corp reports adjusted EPS for its first quarter 2024-25 down 17% to $2.
14, as well as an operating profit of $809 million for its residential construction activities.

Revenues from home sales rose 5% to $7.2 billion, driven by a 6% increase in the number of homes delivered, partially offset by a 1% decline in the average selling price.

New orders rose 1% in volume to 18,355 homes, but fell 4% in value to $7.4 billion. At the end of the period, the builder's backlog represented a value of $5.8 billion.

'While demand remains strong, high interest rates and inflation, low consumer confidence and a limited supply of affordable housing are making homeownership increasingly difficult', points out its president and co-CEO Stuart Miller.

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