Lennar Corporation (NYSE: LEN) on Tuesday announced second-quarter 2022 financial results, reporting higher revenues and earnings. The results also exceeded consensus estimates.
Net income attributable to the company was $1.32 billion or $4.49 per share in the second quarter, compared to $831.4 million or $2.65 per share last year. Excluding special items, earnings increased to $4.69 per share from $2.95 per share in the prior-year period.
Revenues increased 30% year-over-year to $8.4 billion during the three-month period, and deliveries rose 14% to 16,549 homes. Analysts were looking for slower top-line growth.
Read management/analysts’ comments on quarterly results
“During the quarter, our homebuilding machine continued to be intensely focused on production. Our cycle time during the quarter increased only slightly sequentially so it appears that the well-documented supply chain issues have started to subside. Our quarterly starts and sales pace remained strong at 6.2 homes and 5.0 homes per community, respectively, in the second quarter,” said Jon Jaffe, co-chief executive officer of Lennar.