Lennar Corp (LEN) said after close Wednesday that it earned $5.18 per share in quarter three 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $8.9 billion, missing estimates by $96 million.
In the same quarter a year ago, the company earned $3.27 per share on revenue of $6.9 billion.
The stock is up 1.9% to $77.36 after the report.
Lennar Corp's earnings expanded faster than revenues, signaling widening profit margins.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Lennar Corp a Neutral Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 50. Meanwhile, the average Wall Street analyst rated the stock a Buy.
Lennar is the second-largest public homebuilder in the United States. The company's homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name. Lennar's financial-services segment provides mortgage financing and related services to its homebuyers. Miami-based Lennar is also involved in multifamily construction and has invested in numerous housing-related technology startups.
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Lennar Corp Up 1.9% To $77.36 After Earnings Beat
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