By Davit Kerakossian
linar (NYSE:) reported that, with an EPS of $5.18, better than the consensus estimate of $4.86. Revenue grew 29% year over year to $8.9 billion, compared to the consensus estimate of $8.97 billion.
Deliveries grew 13% year over year to 17,248 homes. New orders fell 12% to 14,366 homes, with the dollar value of new orders dropping 11% to $6.7 billion.
“While our new orders are down 12% compared to the third quarter of last year, we have continued to maintain a consistent start-up pace and drive sales through pricing and incentive adjustments. Sales have clearly been impacted by higher interest rates, but there is still a significant shortage nationally in,” he said. Stuart Miller, CEO of Lennar: “Housing, especially workforce housing, and demand remains strong as we move to rebalance price and interest rates.”
The company provided its guidance for the fourth quarter, forecasting new orders in the range of 14,000 – 15,500 and deliveries in the range of 20,000 – 21,000.