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Lennar (LEN) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
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For the quarter ended February 2024, Lennar (LEN - Free Report) reported revenue of $7.31 billion, up 12.7% over the same period last year. EPS came in at $2.57, compared to $2.12 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $7.44 billion, representing a surprise of -1.77%. The company delivered an EPS surprise of +16.29%, with the consensus EPS estimate being $2.21.
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:
Deliveries - Average sales price - Total: $413 compared to the $420.18 average estimate based on five analysts.
Deliveries - Homes: 16,798 versus the four-analyst average estimate of 16,825.
Active Communities - Total: 1,227 versus the four-analyst average estimate of 1,280.
Backlog - Homes: 16,270 compared to the 15,690 average estimate based on four analysts.
Backlog - Average sales price - Total: $457 versus $457.37 estimated by three analysts on average.
Revenue- Financial Services: $249.72 million versus $220.94 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +36.5% change.
Revenue- Homebuilding- Sales of homes: $6.90 billion versus $7.07 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +13.3% change.
Revenue- Multifamily: $129.68 million versus $136.06 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -9.7% change.
Revenue- Homebuilding- Sales of land: $20.75 million versus $19.82 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +113.5% change.
Revenue- Homebuilding: $6.93 billion versus the three-analyst average estimate of $6.99 billion. The reported number represents a year-over-year change of +12.6%.
Revenue- Lennar Other: $2.54 million compared to the $7.48 million average estimate based on three analysts. The reported number represents a change of -66.6% year over year.
Revenue- Homebuilding- Other homebuilding: $8.46 million versus the two-analyst average estimate of $7.02 million. The reported number represents a year-over-year change of -84%.
Shares of Lennar have returned +9.4% over the past month versus the Zacks S&P 500 composite's +3.2% 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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Lennar (LEN) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended February 2024, Lennar (LEN - Free Report) reported revenue of $7.31 billion, up 12.7% over the same period last year. EPS came in at $2.57, compared to $2.12 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $7.44 billion, representing a surprise of -1.77%. The company delivered an EPS surprise of +16.29%, with the consensus EPS estimate being $2.21.
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:
- Deliveries - Average sales price - Total: $413 compared to the $420.18 average estimate based on five analysts.
- Deliveries - Homes: 16,798 versus the four-analyst average estimate of 16,825.
- Active Communities - Total: 1,227 versus the four-analyst average estimate of 1,280.
- Backlog - Homes: 16,270 compared to the 15,690 average estimate based on four analysts.
- Backlog - Average sales price - Total: $457 versus $457.37 estimated by three analysts on average.
- Revenue- Financial Services: $249.72 million versus $220.94 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +36.5% change.
- Revenue- Homebuilding- Sales of homes: $6.90 billion versus $7.07 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +13.3% change.
- Revenue- Multifamily: $129.68 million versus $136.06 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -9.7% change.
- Revenue- Homebuilding- Sales of land: $20.75 million versus $19.82 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +113.5% change.
- Revenue- Homebuilding: $6.93 billion versus the three-analyst average estimate of $6.99 billion. The reported number represents a year-over-year change of +12.6%.
- Revenue- Lennar Other: $2.54 million compared to the $7.48 million average estimate based on three analysts. The reported number represents a change of -66.6% year over year.
- Revenue- Homebuilding- Other homebuilding: $8.46 million versus the two-analyst average estimate of $7.02 million. The reported number represents a year-over-year change of -84%.
View all Key Company Metrics for Lennar here>>>Shares of Lennar have returned +9.4% over the past month versus the Zacks S&P 500 composite's +3.2% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.