Net income attributable to the company was $1.47 billion or $5.03 per share in the third quarter, compared to $1.41 billion or $4.52 per share last year. Excluding special items, earnings increased to $5.18 per share from $3.27 per share in the prior-year period.
Revenues increased 29% year-over-year to $8.9 billion during the three-month period, and deliveries rose 13% to 17,248 homes. Analysts were looking for faster top-line growth.
Read management/analysts’ comments on quarterly results
“Our cycle time during the quarter was marginally down sequentially, indicating that the well-documented supply chain issues that continue to limit our productivity are beginning to become more manageable and perhaps subside. Our quarterly starts and sales pace were 4.4 homes and 4.0 homes per community, respectively, and we ended the third quarter with approximately 500 completed, unsold homes, demonstrating our focus on inventory management,” said Jon Jaffe, co-chief executive officer of Lennar.