.September 20, 2024 Friday 04:40 AM

Lennar Corporation (NYSE:LEN) reported strong third-quarter results, with earnings of $3.90 per share and revenue of $9.42 billion, beating analyst expectations. Despite this, the company’s stock dipped nearly 2% pre-market today.

The homebuilder saw a 5% year-over-year increase in new home orders, totaling 20,587 homes, and a 16% growth in home deliveries, reaching 21,516 homes compared to the same period last year.

Executive Chairman and Co-CEO Stuart Miller noted favorable market conditions for homebuilders, including strong employment, housing supply shortages, and solid demand driven by household formation.

Looking ahead, Lennar expects to deliver between 22,500 and 23,000 homes in the fourth quarter, with new orders of 19,000 to 19,300 homes. The company forecasts an average sales price of around $425,000 and steady gross margins compared to Q3.