Govt Tried To Kill Housing: A Homebuilder Surprises With Q3 New Orders Up 37%
Portfolio Pulse from Vandana Singh
Lennar Corporation (NYSE:LEN) reported Q3 earnings of $3.91 per share, beating the analyst consensus estimate of $3.51. Quarterly sales of $8.73 billion also beat the analyst consensus estimate of $8.45 billion but fell 2.28% YoY. New orders increased 37% to 19,666 homes, and the new orders dollar value increased 30% to $8.6 billion. However, the company ended the quarter with a unit backlog down 18% YoY. LEN shares are down 3.62% at $113.44.
September 15, 2023 | 3:45 pm
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Lennar Corporation reported better than expected Q3 earnings and sales, with new orders up 37%. However, the company's unit backlog is down 18% YoY, and its shares are down 3.62%.
Despite beating Q3 earnings and sales estimates, Lennar's shares are down, likely due to the 18% YoY decrease in the company's unit backlog. This could indicate a potential slowdown in future sales, which may have negatively impacted investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100