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Compared to Estimates, Lennar (LEN) Q3 Earnings: A Look at Key Metrics
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For the quarter ended August 2023, Lennar (LEN - Free Report) reported revenue of $8.73 billion, down 2.3% over the same period last year. EPS came in at $3.91, compared to $5.18 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $8.53 billion, representing a surprise of +2.40%. The company delivered an EPS surprise of +12.68%, with the consensus EPS estimate being $3.47.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Lennar performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Backlog - Homes: 21321 versus 20451.82 estimated by four analysts on average.
Active Communities - Total: 1253 compared to the 1267.59 average estimate based on four analysts.
Deliveries - Average sales price - Total: $448 versus $445.74 estimated by four analysts on average.
New orders - Homes: 19666 versus 18455.05 estimated by four analysts on average.
Deliveries - Homes: 18559 compared to the 18216.98 average estimate based on four analysts.
Backlog - Average sales price - Total: $462 versus the three-analyst average estimate of $476.61.
Revenue- Homebuilding- Sales of homes: $8.29 billion versus the six-analyst average estimate of $8.10 billion. The reported number represents a year-over-year change of -1.8%.
Revenue- Financial Services: $266.21 million versus the six-analyst average estimate of $230.58 million. The reported number represents a year-over-year change of +31.7%.
Revenue- Multifamily: $137.39 million versus the four-analyst average estimate of $171.40 million. The reported number represents a year-over-year change of -43.5%.
Revenue- Homebuilding- Sales of land: $20.43 million compared to the $23.01 million average estimate based on four analysts. The reported number represents a change of -36.9% year over year.
Revenue- Homebuilding: $8.32 billion versus the three-analyst average estimate of $7.96 billion. The reported number represents a year-over-year change of -1.9%.
Revenue- Lennar Other: $7.39 million versus $9.72 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -24.6% change.
Shares of Lennar have returned -5.5% over the past month versus the Zacks S&P 500 composite's +0.2% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Compared to Estimates, Lennar (LEN) Q3 Earnings: A Look at Key Metrics
For the quarter ended August 2023, Lennar (LEN - Free Report) reported revenue of $8.73 billion, down 2.3% over the same period last year. EPS came in at $3.91, compared to $5.18 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $8.53 billion, representing a surprise of +2.40%. The company delivered an EPS surprise of +12.68%, with the consensus EPS estimate being $3.47.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Lennar performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Backlog - Homes: 21321 versus 20451.82 estimated by four analysts on average.
- Active Communities - Total: 1253 compared to the 1267.59 average estimate based on four analysts.
- Deliveries - Average sales price - Total: $448 versus $445.74 estimated by four analysts on average.
- New orders - Homes: 19666 versus 18455.05 estimated by four analysts on average.
- Deliveries - Homes: 18559 compared to the 18216.98 average estimate based on four analysts.
- Backlog - Average sales price - Total: $462 versus the three-analyst average estimate of $476.61.
- Revenue- Homebuilding- Sales of homes: $8.29 billion versus the six-analyst average estimate of $8.10 billion. The reported number represents a year-over-year change of -1.8%.
- Revenue- Financial Services: $266.21 million versus the six-analyst average estimate of $230.58 million. The reported number represents a year-over-year change of +31.7%.
- Revenue- Multifamily: $137.39 million versus the four-analyst average estimate of $171.40 million. The reported number represents a year-over-year change of -43.5%.
- Revenue- Homebuilding- Sales of land: $20.43 million compared to the $23.01 million average estimate based on four analysts. The reported number represents a change of -36.9% year over year.
- Revenue- Homebuilding: $8.32 billion versus the three-analyst average estimate of $7.96 billion. The reported number represents a year-over-year change of -1.9%.
- Revenue- Lennar Other: $7.39 million versus $9.72 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -24.6% change.
View all Key Company Metrics for Lennar here>>>Shares of Lennar have returned -5.5% over the past month versus the Zacks S&P 500 composite's +0.2% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.