U.S. homebuilder Lennar (LEN) has reported fiscal third-quarter financial results that beat Wall Street forecasts across the board.
The Miami, Florida-based company reported earnings per share (EPS) of $4.26 U.S., which was well ahead of the $3.64 U.S. consensus expectation of analysts.
Revenue in the quarter totaled $9.40 billion U.S., which topped the $9.10 billion forecast on Wall Street.
The company added that its gross margin on home sales was 22.5%, a little below the 23% analysts had anticipated.
Company executives attributed the strong overall results to rising demand for new homes and a short housing supply in America.
Lennar reported a 16% increase in its number of homes delivered and a 5% increase in its new orders for fiscal Q3.
With interest rates beginning to move lower, Lennar expects demand for new homes to remain strong moving forward.
Management said that they expect to receive new orders in a range of 19,000 to 19,300 and deliver 22,500 to 23,000 homes in the current quarter.
The guidance was in line with analyst estimates.
Lennar’s stock has risen 65% over the past 12 months and currently trades at $192.45 U.S.
