Lennar Corporation (NYSE: LEN) reported total revenues of $9.4 billion for the third quarter of 2024, which was up 8% from the same period last year.
Net earnings attributable to Lennar were $1.2 billion, or $4.26 per share, compared to $1.1 billion, or $3.87 per share, last year. Adjusted EPS was $3.90.
The top and bottom line numbers came ahead of expectations.
New orders increased 5% to 20,587 homes while deliveries increased 16% to 21,516 homes in Q3. The average sales price of homes delivered was $422,000. The company ended the quarter with a backlog of 16,944 homes at a dollar value of $7.7 billion.
For the fourth quarter of 2024, Lennar expects new orders to range between 19,000-19,300 and deliveries to range between 22,500-23,000. Average sales price is expected to be $425,000.