Benzinga - Shares of U.S. homebuilder Lennar Corp (NYSE: NYSE:LEN) are moving in Wednesday's after-hours session after the company reported better-than-expected financial results.
What Happened: Lennar said fourth-quarter revenue increased 21% year-over-year to $10.17 billion, which beat average analyst estimates of $10.1 billion, according to Benzinga Pro. The homebuilder reported fourth-quarter adjusted earnings of $5.02 per share, which beat estimates of $4.89 per share.
Deliveries jumped 13% year-over-year to 20,064 homes, but new orders decreased 15% to 13,200 homes. Lennar's backlog also decreased 21% to 18,869 homes.
"Our gross margin declined by 270 basis points year-over-year as we adjusted the price of both our new home sales and homes in backlog to market to reduce cancellation rates and promote deliveries," said Stuart Miller, executive chairman of Lennar.
"Our sales volume and pricing have clearly been impacted by rising interest rates, but there remains a significant national shortage of housing, especially workforce housing, and there is still demand as we navigate the rebalance between price and interest rates."
Lennar expects fiscal first quarter orders and deliveries to be between 12,000 and 13,500 with an average sales price in a range of $440,000 to $450,000.
LEN Price Action: Lennar has a 52-week high of $116.73 and a 52-week low of $62.54.
The stock was down 1.86% in after hours at $89.12 at the time of publication, according to Benzinga Pro.
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