Lennar Q3 EPS $4.52 ($3.27 adj); deliveries miss low end of guidance by ~600 homes

LENNAR CORP /NEW/

2021-Q3 EPS reported $10.36 revenue$18,697,116,000

Q3 net earnings $1.4B ($4.52/dil) vs $666M ($2.12) prior year; adjusted EPS $3.27 excluding $500M mark-to-market gains.
Home deliveries 15,199 (+10% YoY) but ~600 below guidance; homebuilding gross margin 27.3% (record), SG&A 7.0% (record low).
New orders 16,277 (+5%); backlog 25,819 homes (+31%) with $12B value (+52%).
Homebuilding cash $2.6B; debt to capital 21.2% (record low); retired $300M notes; repurchased 2.5M shares for $246M.
Q4 guidance: ~18,000 deliveries, gross margin ~28%, avg price ~$445k; S&P upgraded to investment grade.

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