U.S. Markets open in 12 mins

Lennar Reports Q3 Earnings Beat

Tanzeel Akhtar

Lennar (NYSE: LEN) reported third-quarter earnings of $1.59 per share, which beat the analyst consensus estimate of $1.32 by 20.45%. This is a 1.24% decrease over earnings of $1.61 per share from the same period last year.

The company reported quarterly sales of $5.857 billion, which beat the analyst consensus estimate of $5.49 billion by 6.68%. This is a 3.24% increase over sales of $5.673 billion the same period last year.

View more earnings on LEN

"As the market continued to solidify through the third-quarter, stimulating both the affordability and demand for homes, our new orders and deliveries increased 9% and 7%, respectively, from the prior year,” said Stuart Miller, executive chairman of Lennar.

“Our homebuilding gross margin in the third quarter was 20.4%, while our SG&A of 8.3% marked an all-time, third-quarter low. We continue to believe that the basic underlying housing market fundamentals of low unemployment, higher wages and low inventory levels remain favorable."

Lennar shares traded higher by 2.42% at $57.07 in Wednesday's pre-market session. The stock has a 52-week range between $56.19 and $37.29.

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.