Lennar Corp. (NYSE:LEN) reported its Q2 results, with an adjusted EPS of $5.17 exceeding the estimated $4.60. The company’s revenue for the quarter was $11 billion, surpassing the Street’s expectation of $10.22 billion.
Stuart Miller, Lennar’s Executive Chairman and Co-Chief Executive Officer, expressed satisfaction with the company’s performance, particularly given the changing economic landscape characterized by fluctuating interest rates. He highlighted the company’s resilience and adaptability in these evolving market conditions.
Lennar also saw a significant year-over-year increase in net new orders, which rose by 32% to 17,366, outpacing the estimated figure of 16,840.
Despite these encouraging signs, Lennar’s stock fell more than 2% intra-day today attributed to a slightly weaker gross margin on home sales, which was 24.2% compared to the anticipated 24.4%.
Looking ahead, Lennar anticipates a continued positive trajectory, expecting to deliver approximately 10% more homes in the fiscal year 2024.