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This Top US Home Builder is Still Beating Expectations

Lennar Corp. is a Miami-based company that operates as a homebuilder primarily under the Lennar brand in the United States. The U.S. real estate market has faced challenges due to the aggressive interest rate tightening program pursued by the Federal Reserve. Despite the challenging macroeconomic environment, Lennar is thriving. Shares of Lennar stock have soared 22% month-over-month as of close on Thursday, December 14. The stock has soared 68% so far in 2023.

This company released its third quarter (Q3) fiscal 2023 earnings back on September 14, 2023. Lennar reported net earnings of $1.1 billion and net earnings per diluted share of $3.87. Deliveries increased 8% year-over-year to 18,559 homes. Moreover, total revenues hit $8.7 billion. The company reported a backlog of 21,321 homes with a dollar value of $9.9 billion.

“Market conditions remained constructive for new homebuilders during our third quarter,” said Executive Chairman and co-chief executive officer (CEO) of Lennar Stuart Miller. “At the same time, short housing supply, absorbed by strong primary and pent-up demand, continued to define a strong sales environment.”

This past Thursday, Lennar revealed that it had beaten quarterly revenue estimates that it gave for the previous quarter. However, the average selling price for a home was reported at $441,000 – down from $483,000 in the prior year. Despite that, revenues and net earnings were still up marginally compared to fiscal 2022.

Shares of Lennar currently possess a favourable price-to-earnings ratio of 11. Moreover, it offers a quarterly dividend of $0.38 per share. That represents a modest 0.97% yield.