Lennar Shares Up 3% Following Q3 Beat

Lennar Corp. (NYSE:LEN) shares closed more than 3% higher today after the company reported its Q3 results, with EPS of $5.02 coming in better than the Street estimate of $4.88. Revenue increased 21% year-over-year to $10.17 billion, beating the Street estimate of $9.98 billion.

The company provided its Q1/23 order guidance of 12,000 to 13,500 and a similar range on closings. Those forecasts compare to the Street estimates of 12,000 closings and 14,000 orders. Lennar also expects a Q1 gross margin of approximately 21%, in line with the Street estimate. For fiscal 2023, the company expects closings of 60,000-65,000 closings, compared to the Street estimate of 61,400 closings.