LEN - Lennar Q2 Earnings & Revenues Beat Estimates Orders Up | Benzinga
Lennar Corporation (NYSE: LEN) reported second-quarter fiscal 2024 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate. On a year-over-year basis, both the top and bottom lines increased, given the company's emphasis on maintaining a steady production rate to drive sales momentum. Lennar strategically utilized pricing, incentives, marketing expenditure and dynamic pricing insights to ensure steady sales volume despite fluctuations in interest rates.
However, the company's shares plunged 2.6% in the after-hours trading session on Jun 17. Investors' sentiments might have been hurt by lower gross margin expectations and higher selling, general and administrative (SG&A) guidance for the third quarter of fiscal 2024.
Quarterly Numbers
LEN reported quarterly earnings per share of $3.38, which surpassed the Zacks Consensus Estimate of $3.20 by 5.6%. The metric increased 15% year over year.
Revenues of $8.8 billion topped the consensus mark of $8.6 billion by 2.2% and rose 9% year over year from $8.1 billion.
Lennar Corporation Price, Consensus and EPS Surprise
Lennar Corporation price-consensus-eps-surprise-chart | Lennar Corporation Quote
Segment Details
Homebuilding: Revenues in the segment totaled $8.38 billion (which came ahead of our expectation of $8.2 billion), up 9.3% from the prior-year quarter. Under the Homebuilding umbrella, home sales contributed $8.36 billion to total revenues, up 9.4% from a year ago.
Land sales accounted for $13.6 million, down from $16.3 million in the prior-year quarter. The Other homebuilding unit contributed $9.7 million to homebuilding revenues, down from $17.1 million a year ago.
Home deliveries in the reported quarter improved 15% from the year-ago level to 19,690 units. The reported figure was better than our projection of 19,200 units for the quarter. The average sales price of homes delivered ...