Lennar(US:LEN) ZACKS·2024-06-17 23:30Core Insights - Lennar reported $8.77 billion in revenue for the quarter ended May 2024, a 9% year-over-year increase, with EPS of $3.38 compared to $2.94 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $8.57 billion by 2.23%, and the EPS surpassed the consensus estimate of $3.20 by 5.63% [1] Financial Performance Metrics - Deliveries: Average sales price was $426, slightly above the $422.43 estimate [2] - Active Communities: Total of 1,245, below the estimated 1,275 [2] - Deliveries - Homes: 19,690, exceeding the estimate of 19,245 [2] - Backlog - Homes: 17,873, slightly below the estimate of 18,103 [2] - Backlog - Dollar Value: $8.23 billion, compared to the estimate of $8.32 billion [2] - Revenue - Financial Services: $281.72 million, exceeding the estimate of $261.59 million, a 26.4% increase year-over-year [2] - Revenue - Homebuilding - Sales of homes: $8.36 billion, above the estimate of $8.09 billion, a 9.4% increase year-over-year [2] - Revenue - Multifamily: $99.50 million, below the estimate of $146.02 million, a 34.4% decrease year-over-year [2] - Revenue - Homebuilding - Sales of land: $13.60 million, below the estimate of $20.21 million, a 16.7% decrease year-over-year [2] - Revenue - Homebuilding: $8.38 billion, above the estimate of $8.14 billion, a 9.3% increase year-over-year [2] - Revenue - Lennar Other: $3.31 million, below the estimate of $4.52 million, a 705.4% increase year-over-year [2] - Revenue - Homebuilding - Other homebuilding: $9.71 million, below the estimate of $10.03 million, a 43.3% decrease year-over-year [2] Stock Performance - Lennar shares have returned -6.5% over the past month, while the Zacks S&P 500 composite increased by 3.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]