Lennar Company (NYSE: LEN) on Tuesday introduced second-quarter 2022 monetary outcomes, reporting increased revenues and earnigns. The outcomes additionally exceeded consensus estimates.
Web revenue attributable to the corporate was $1.32 billion or $4.49 per share within the second quarter, in comparison with $831.4 million or $2.65 per share final yr. Excluding particular objects, earnings elevated to $4.69 per share from $2.95 per share within the prior-year interval.
Revenues elevated 30% year-over-year to $8.4 billion in the course of the three-month interval, and deliveries rose 14% to 16,549 houses. Analysts had been searching for slower top-line progress.
Learn administration/analysts’ feedback on quarterly outcomes
“Through the quarter, our homebuilding machine continued to be intensely centered on manufacturing. Our cycle time in the course of the quarter elevated solely barely sequentially so it seems that the well-documented provide chain points have began to subside. Our quarterly begins and gross sales tempo remained robust at 6.2 houses and 5.0 houses per group, respectively, within the second quarter,” mentioned Jon Jaffe, co-chief government officer of Lennar.