Lennar (NYSE:LEN) skidded Thursday after forecasting a slowdown in orders for new homes, stemming from higher mortgage rates. The home builder also reported lower-than-expected earnings for its latest quarter, although revenue was slightly above analyst forecasts.
Lennar today reported results for its fourth quarter and fiscal year ended November 30, 2022 . Fourth quarter net earnings attributable to Lennar in 2022 were $1.3 billion , or $4.55 per diluted share, compared to $1.2 billion , or $3.91 per diluted share in the fourth quarter of 2021. Net earnings attributable to Lennar for the year ended November 30, 2022 were $4.6 billion, or $15.72 per diluted share, compared to $4.4 billion, or $14.27 per diluted share for the year ended November 30, 2021 . Excluding mark-to-market adjustments on technology investments in both years, and homebuilding impairments and deposit write-offs in 2022, fourth quarter net earnings attributable to Lennar in 2022 were $1.5 billion , or $5.02 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2021 of $1.3 billion , or $4.36 per diluted share.
Executive Chairman Stuart Miller said, "We are pleased to announce our fourth quarter results which were consistent with our previously articulated strategies. In the fourth quarter, our earnings were $1.3 billion, or $4.55 per diluted share, compared to $1.2 billion , or $3.91 per diluted share for the fourth quarter last year. Excluding mark-to-market losses on our technology investments, homebuilding impairments and deposit write-offs, fourth quarter earnings were $1.5 billion , or $5.02 per diluted share, compared to $1.3 billion , or $4.36 per diluted share for the fourth quarter last year, excluding mark-to-market losses, a 10% and 15% increase year over year, respectively.”
LEN faded $2.94, or 3.2%, to $87.88.
