Lennar Q2 EPS $4.49 beats prior year $2.65; deliveries up 14%; guides Q3 deliveries 17,000-18,500

LENNAR CORP /NEW/

2022-Q2 EPS reported $6.16 revenue$14,562,212,000

Net earnings $1.3B ($4.49/diluted) vs $831.4M ($2.65) YoY; adjusted EPS $4.69.
Home deliveries 16,549 (+14%); new orders 17,792 (+4%); backlog 28,624 (+16%).
Homebuilding gross margin improved 340bps to 29.5%; net margin improved 490bps to 23.4%.
Repurchased 4.1M shares for $320.6M at avg $78.20/share.
Q3 guidance: deliveries 17,000-18,500; gross margin 28.5%-29.5%; no full-year EPS guidance.

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