Lennar (LEN) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - Lennar reported revenue of $7.31 billion for the quarter ended February 2024, reflecting a year-over-year increase of 12.7% [1] - The company's EPS was $2.57, up from $2.12 in the same quarter last year, exceeding the consensus estimate of $2.21 by 16.29% [1] Financial Performance Metrics - Deliveries: 16,798 homes, slightly below the average estimate of 16,825 [2] - Average sales price for deliveries was $413, lower than the estimated $420.18 [2] - Active Communities totaled 1,227, compared to the estimate of 1,280 [2] - Backlog of homes stood at 16,270, exceeding the estimate of 15,690 [2] - Financial Services revenue was $249.72 million, surpassing the estimate of $220.94 million, marking a 36.5% increase year-over-year [2] - Homebuilding revenue from sales of homes was $6.90 billion, below the estimate of $7.07 billion, but up 13.3% year-over-year [2] - Multifamily revenue was $129.68 million, below the estimate of $136.06 million, representing a 9.7% decline year-over-year [2] - Revenue from homebuilding sales of land was $20.75 million, exceeding the estimate of $19.82 million, with a significant year-over-year increase of 113.5% [2] - Overall homebuilding revenue was $6.93 billion, slightly below the estimate of $6.99 billion, reflecting a 12.6% year-over-year increase [2] - Revenue from Lennar Other was $2.54 million, significantly below the estimate of $7.48 million, indicating a 66.6% year-over-year decline [2] - Other homebuilding revenue was $8.46 million, exceeding the estimate of $7.02 million, but showing an 84% year-over-year decline [2] Stock Performance - Lennar's shares have returned +9.4% over the past month, outperforming the Zacks S&P 500 composite's +3.2% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]