Homebuilder Lennar beats estimates, says market remains 'constructive'

Homebuilder Lennar Corp. Inc. (LEN) on Thursday reported third-quarter results that beat estimates, as the market "remained constructive for new homebuilders," the company said. Lennar reported third-quarter net income of $1.11 billion, or $3.87 a share, compared with $1.47 billion, or $5.03 a share, in the same quarter last year. Revenue of $8.73 billion was down from $8.93 billion in the prior-year quarter, amid a drop in prices for home deliveries. Analysts polled by FactSet expected earnings of $3.52 a share, on sales of $8.49 billion. Chief Executive Stuart Miller said that market conditions for homebuilders "remained constructive," as the Fed tried to balance its fight against inflation with growing the economy. "At the same time, short housing supply, absorbed by strong primary and pent-up demand, continued to define a strong sales environment," he said. "Homebuilders continued to use incentives, including buy-downs, to offset rising interest rates and tighter capital, which limit affordability." Shares were unchanged after hours.

-Bill Peters

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09-14-23 1712ET

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