Lennar beats by $0.05, reports revs in-line (52.82)
- Reports Q3 (Aug) earnings of $1.06 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $1.01; revenues rose 15.1% year/year to $3.26 bln vs the $3.25 bln Capital IQ Consensus.
- Deliveries of 7,598 homes -- up 12%.
- New orders of 7,610 homes -- up 8%; new orders dollar value of $2.9 billion -- up 14%. Backlog of 10,212 homes -- up 10%; backlog dollar value of $4.1 billion -- up 18%.
- Gross margin on home sales of 22.8% -- improved 20 basis points.