Lennar Corp (NYSE: NYSE:LEN) shares are trading higher Thursday after the company reported mixed financial results.
Lennar said third-quarter revenue increased 29% year-over-year to $8.93 billion, which missed average analyst estimates of $9.03 billion, according to Benzinga Pro. The company reported quarterly earnings of $5.18 per share, which beat average analyst estimates of $4.91 per share.
Home deliveries increased 13% year-over-year to 17,248 in the third quarter, while new orders decreased 12%.
"While our new orders declined 12% compared to last year's third quarter, we continued to maintain a consistent starts pace and drive sales by adjusting pricing and incentives," said Stuart Miller, executive chairman of Lennar.
"Sales have clearly been impacted by rising interest rates, but there remains a significant national shortage of housing, especially workforce housing, and demand remains strong as we navigate the rebalance between price and interest rates."
Lennar said it expects between 14,000 and 15,000 new orders in the fourth quarter. The company expects to deliver between 20,000 and 21,000 homes in the fourth quarter, with average sales prices between $475,000 to $480,000.
LEN Price Action: Lennar has a 52-week high of $116.36 and a 52-week low of $62.54.
The stock was up 3.65% at $78.69 at time of publication, according to Benzinga Pro.
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