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LENNAR CORPORATION

(LEN)
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Higher prices boost Lennar profit in tight U.S. housing market

06/16/2021 | 06:26pm EDT
FILE PHOTO: Newly constructed houses built by Lennar Corp are pictured in Leucadia, California

(Reuters) -Lennar Corp beat quarterly profit on Wednesday, helped by higher prices due to a tight supply of homes in the United States.

The COVID-19 pandemic fueled demand for spacious and more expensive homes as millions of Americans work from home and take classes remotely.

But the health crisis has hurt the homebuilders' ability to ramp up construction due to labor supply disruptions as well as shortage of lumber and other raw materials. This has pushed up prices as buyers scramble to get hold of available inventory.

Lennar's homebuilding gross margin rose by 450 basis points to 26.1% in the three months ended May 31, a record for the second quarter, helped by higher-than-expected sales price per home.

The No. 2 U.S. homebuilder also raised its average sales price forecast by 5% to $420,000, while reaffirming its outlook for annual deliveries of between 62,000 homes and 64,000 homes.

Shares of the company were, however, trading flat, as higher prices amid supply shortage stoked fears of home purchases becoming less affordable and hampering a recovery in sales.

U.S. new home sales dropped 5.9% to a seasonally adjusted annual rate of 863,000 units in April.

Analysts have said that some buyers are likely getting priced out of the market as prices continue to rise.

Lennar's orders, an indicator of future revenue, rose 32% to 17,157 homes in the quarter, beating analysts' average estimate of 16,715 homes, according to IBES data from Refinitiv.

The homebuilder said its quarterly home deliveries increased by about 14% to 14,493 homes, topping Wall Street's estimate of 14,326. Average price for homes delivered rose by about 6% to $413,000.

Excluding items, Lennar earned $2.95 per share, above analysts' average estimate of $2.36. Total revenue rose 21.6% to $6.43 billion and was ahead of expectation of $5.91 billion.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Krishna Chandra Eluri)


ę Reuters 2021
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Financials (USD)
Sales 2021 28 630 M - -
Net income 2021 4 235 M - -
Net Debt 2021 3 247 M - -
P/E ratio 2021 7,55x
Yield 2021 0,87%
Capitalization 31 270 M 31 270 M -
EV / Sales 2021 1,21x
EV / Sales 2022 1,05x
Nbr of Employees 9 495
Free-Float 83,7%
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Technical analysis trends LENNAR CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 102,39 $
Average target price 117,57 $
Spread / Average Target 14,8%
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Managers and Directors
Jonathan M. Jaffe Co-President, Co-CEO & Director
Richard Beckwitt Co-President, Co-CEO & Director
Diane J. Bessette Chief Financial Officer, Treasurer & VP
Stuart A. Miller Executive Chairman
Fred B. Rothman Chief Operating Officer
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