{"id":22730,"date":"2023-06-14T20:07:23","date_gmt":"2023-06-15T00:07:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/lennar-stock-rises-after-earnings-beat-expectations-what-to-know\/"},"modified":"2023-06-14T20:07:25","modified_gmt":"2023-06-15T00:07:25","slug":"lennar-stock-rises-after-earnings-beat-expectations-what-to-know","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22730","title":{"rendered":"Lennar Stock Rises After Earnings Beat Expectations. What to Know."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Lennar
\n stock was climbing after the company reported results that exceeded Wall Street\u2019s expectations. <\/p>\n

The home builder reported net earnings per diluted share of $3.01 on total revenue of about $8 billion, beating analyst estimates for $2.33 in earnings per share on revenue of $7.2 billion, according to FactSet. The company exceeded expectations for both orders and deliveries, with 17,885 new orders in the second quarter and 17,074 homes delivered. The second quarter, which ended May 31, covers the bulk of the typically hot spring season. <\/p>\n

\n

The company\u2019s Class A shares (ticker: LEN) were up roughly 2% in after-hours trading Wednesday. Shares of other large builders may have benefited from the earnings as well, with
\n D.R. Horton
\n (DHI) up about 1.6%, and shares of
\n PulteGroup
\n (PHM) up 0.8%.<\/p>\n

The company\u2019s earnings beat bodes well for other builders that will report in coming months. Lennar also issued guidance for the third quarter that beat analyst expectations, calling for deliveries in a range from 17,750 to 18,250 homes. <\/p>\n

The earnings capture the results of an unusual spring selling season. The housing market began to shift last spring and summer as mortgage rates rose, entering what some industry economists called recession last August. This spring, there were signs that buyers sought out newly constructed homes as the supply of existing homes remained relatively sparse. <\/p>\n

Prospective buyers accepted a \u201cnew normal\u201d of higher rates, executive chairman Stuart Miller said. \u201cDuring the quarter, we continued to see the housing market normalize and recover from the Fed\u2019s 2022 aggressive interest rate hikes in response to elevated inflation,\u201d Miller said.<\/p>\n

As buyers adjusted to a higher range for mortgage rates, \u201cdemand has accelerated, leaving the market to reconcile the chronic supply shortage derived from over a decade of production deficits,\u201d Miller noted.<\/p>\n

The company said its earnings are the result of adjusting pricing on its homes and offering incentives. While the company\u2019s average sales price per home delivered declined to $449,000, its deliveries and new orders were both up compared with the year prior, Miller said. \u201cOur homebuilding gross margin started to bounce back in the second quarter to 22.5%, reflecting cost reductions,\u201d he added.<\/p>\n

Lennar will discuss its results in more detail during a conference call at 11 a.m. on Thursday. <\/p>\n

Write to Shaina Mishkin at shaina.mishkin@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lennar stock was climbing after the company reported results that exceeded Wall Street\u2019s expectations. The home builder reported net earnings per diluted share of $3.01 on total revenue of about $8 billion, beating analyst estimates for $2.33 in earnings per share on revenue of $7.2 billion, according to FactSet. The company exceeded expectations for both […]<\/p>\n","protected":false},"author":1,"featured_media":22731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-22730","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nLennar Stock Rises After Earnings Beat Expectations. 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