Lennar Company (NYSE: LEN) on Wednesday introduced first-quarter 2022 monetary outcomes, reporting greater revenues. The highest-line additionally exceeded consensus estimates.
Internet earnings attributable to the corporate was $503.6 million or $1.69 per share within the first three months of fiscal 2022, in comparison with $1.0 billion or $3.20 per share final yr. Excluding particular objects, earnings elevated to $2.70 per share from $2.04 per share within the prior-year interval.
Revenues elevated 16% year-over-year to $6.2 billion in the course of the three-month interval, and deliveries rose 2% to 12,538 houses. Analysts have been on the lookout for slower top-line development.
“The influence of provide chain points and elevated cycle instances have been partially offset by accelerated development begins. We proceed to strategize with our nationwide provide distributors and native trades to reduce these ever-changing challenges and are assured that we are going to efficiently navigate via these distinctive dynamics,” mentioned Jon Jaffe, co-chief government officer of Lennar.
