- Lennar Corp (NYSE:LEN) reported second-quarter FY22 sales growth of 30% year-on-year to $8.36 billion, beating the consensus of $8.11 billion.
- 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.
- Price Action: LEN shares are trading higher by 2.27% at $66.10 in premarket on the last check Tuesday.
