A Lennar Corp. development in San Diego.
Bing Guan/Bloomberg
Home builder Lennar delivered disappointing quarterly numbers on Wednesday, missing estimates for both earnings and sales. And management isn’t expecting the new year to start off much better because of supply-chain problems.
Investors didn’t like the fourth-quarter report. Shares of Lennar (ticker: LEN) fell 5% in after-hours trading. The stock had gained 52% for the year before the figures came out, putting even more pressure on the company to deliver solid earnings and upbeat guidance.
Lennar reported earnings of $3.91 a share, missing estimates of $4.15 a share. Sales stood at $8.43 billion, missing expectations for $8.5 billion. The number of homes delivered: 17,819 homes.
For 2022’s first quarter, the company expects to deliver 12,500 homes; analysts forecast 14,700, according to FactSet. The outlook for the average sale price is $460,000, a chunk above the consensus estimate of $448,000.
Lennar blamed supply-chain problems for holding down sales. The company is confronting a “continued housing supply shortage driven by limited entitled land, labor and supply chain constraints,” management said in a statement.
Write to Jacob Sonenshine at [email protected]
