Over 2 Years Ago
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Lennar up $2.27 in Pre-market Trading After Reporting 2Q 2022 Earnings
- Quarterly revenue rose 30% year-on-year to $8.36 billion, beating the consensus estimate of $8.11 billion.
- Net Income rose to $1.2 billion or $4.49 per share, compared to $831.4 million, or $2.65 per share, in the same period last year
- Adjusted EPS of $4.69 beat the analyst consensus of $3.98
- Gross Margins came in at 29.5% versus analyst estimates of 28.5%
- Company guiding for $4.55-$5.45 EPS in q3 versus consensus expectations of $4.85 per share
- Full Year: “as we mentioned, we're maintaining our previous deliveries guidance of approximately 68,000 homes for the year.”
- Homebuilding revenues rose 33% Y/Y. Home deliveries for the quarter increased 14% Y/Y to 16,549.
- New orders increased 4% to 17,792 homes. Backlog rose 16% to 28,624 homes.
- Homebuilding costs and expenses increased 24.4% Y/Y to $6.1 billion. The gross margin on home sales expanded 340 basis points to 29.5%.
- Adjusted EPS of $4.69 beat the analyst consensus of $3.98.
- Homebuilding debt amounted to $4.6 billion as of May 31, 2022.
- Lennar held $1.3 billion in Homebuilding cash and equivalents as of May 31, 2022.
- Outlook: Lennar sees Q3 new orders of 16,000 – 18,000, with deliveries of about 17,000 – 18,500 homes.
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