Lennar Corporation (NYSE: LEN) on Wednesday announced first-quarter 2022 financial results, reporting higher revenues. The top-line also exceeded consensus estimates.
Net income attributable to the company was $503.6 million or $1.69 per share in the first three months of fiscal 2022, compared to $1.0 billion or $3.20 per share last year. Excluding special items, earnings increased to $2.70 per share from $2.04 per share in the prior-year period.
Revenues increased 16% year-over-year to $6.2 billion during the three-month period, and deliveries rose 2% to 12,538 homes. Analysts were looking for slower top-line growth.
“The impact of supply chain issues and increased cycle times were partially offset by accelerated construction starts. We continue to strategize with our national supply vendors and local trades to minimize these ever-changing challenges and are confident that we will successfully navigate through these unique dynamics,” said Jon Jaffe, co-chief executive officer of Lennar.