Lennar (NYSE:LEN) earnings for the home and real estate company’s third quarter of 2019 has LEN stock up on Wednesday. This is due to the company’s earnings per share of $1.59 and revenue of $5.86 billion. These both beat out Wall Street’s per-share earnings and revenue estimates of $1.32 and $5.48 billion for the period.
Let’s take a closer look at the Lennar Q3 earnings report.
- Per-share earnings for the quarter were up 16.06% from $1.37 in the third quarter of 2018.
- When it comes to revenue, the company’s was up 3.25% YoY from $5.67 billion.
- Net earnings of $513.37 million is a 13.27% increase from $453.21 million reported during the same time last year.
- The Lennar Q3 earnings report also sees homebuilding operating margin increase 6.90% from $614.70 million to $657.10 million.
Stuart Miller, Executive Chairman of LEN, has this to say about the Lennar Q3 earnings report.
“As the market continued to solidify through the third quarter, stimulating both the affordability and demand for homes, our new orders and deliveries increased 9% and 7%, respectively, from the prior year. Our homebuilding gross margin in the third quarter was 20.4%, while our SG&A of 8.3% marked an all-time, third-quarter low.”
Miller notes in the Lennar Q3 earnings report that the company is expecting to see increasing returns on equity and capital in the future. He says this is due to it paying down debts, buybacks of stock and a strong cash flow.
LEN stock was up 3% as of Wednesday afternoon and is up 39.36% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.