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Demand for housing soared early in the pandemic as Americans sought more spacious accommodations for home offices and home schooling, but a housing shortage and supply chain bottlenecks have driven prices sharply higher.
“During the third quarter, our company and the homebuilding industry as a whole continued to experience unprecedented supply chain challenges which we believe will continue into the foreseeable future,” Lennar (NYSE:LEN) Executive Chairman Stuart Miller said.
“The housing market has proven to be strong in the current environment as demand continues to outstrip limited supply.”
Orders, an indicator of future revenue, rose 4.6% to 16,277 homes in the quarter. Third-quarter home deliveries increased to 15,199 units from 13,842 units. Average price for homes delivered rose by 8% to $428,000.
Excluding items, Lennar earned $3.27 per share.
Net earnings attributable to the company rose 111% to $1.41 billion, or $4.52 per share, in the quarter ended Aug. 31.
Revenue rose 18.2% to $6.94 billion, above analysts’ average estimate of $6.87 billion, according to Refinitv data.
