** charts after earnings **
Lennar misses by $0.24, reports revs in-line
- Reports Q4 (Nov) earnings of $3.91 per share, $0.24 worse than the S&P Capital IQ Consensus of $4.15; revenues rose 23.6% year/year to $8.43 bln vs the $8.51 bln S&P Capital IQ Consensus.
- Deliveries increased 11% to 17,819 homes; New orders increased 2% to 15,539 homes; new orders dollar value increased 16% to $7.3 billion.
- Backlog increased 26% to 23,771 homes; backlog dollar value increased 45% to $11.4 bln.
- Co guides to Q1 (Feb) new orders of 14,800-15,100 homes; guides to about 12,500 deliveries; guides to average sales price of $460K.
- Co guides to FY22 deliveries of about 12,500; guides to average sales price of $460K.
- "Our record fourth quarter results reflect both continued strength in the housing market across the country, and continued housing supply shortage driven by limited entitled land, labor and supply chain constraints, and 10 years of production shortfall. While our new orders grew a controlled 2% compared to last year's seasonally strong fourth quarter, we achieved a homebuilding gross margin of 28.0%...The housing industry continues to exhibit strong demand, outweighing supply, and we are confident that we will continue to generate solid growth and enhance our current market position."
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