Published on 15 Mar 2023 on Zacks via Yahoo Finance

Lennar (LEN) Q1 Earnings & Revenues Top, Stock Up, Margins Dip

Lennar Corporation LEN reported impressive results for first-quarter fiscal 2023, where earnings and revenues beat the Zacks Consensus Estimate. Following the results, the company’s shares rose 3.41% in an after-hours trading session on Mar 14.Pertaining to the prospect, Stuart Miller, executive chairman of Lennar, said, "As we have seen over the past quarters, interest rates are fluctuating and are likely to continue to move and the housing market will continue to rebalance pricing and interest rates. While we have a clear-cut strategy of execution, we will only give broad boundaries for deliveries and gross margin.”

Quarterly Numbers

LEN reported adjusted quarterly earnings (excluding mark-to-market losses on technology investments) of $2.12 per share, which surpassed the Zacks Consensus Estimate of $1.56 per share by 35.9% but decreased 21% year over year.