Lennar Q3 EPS $5.03 ($5.18 adj) beats; deliveries +13%; guides Q4 deliveries 20k-21k, gross margin 26-27%

LENNAR CORP /NEW/

2022-Q3 EPS reported $11.18 revenue$23,496,643,000

Net earnings $1.5B, up 4% YoY; diluted EPS $5.03 vs $4.52; adjusted EPS $5.18, up 58%.
Homebuilding revenue $8.4B (+30%); deliveries 17,248 (+13%); avg price $491k (+15%).
Homebuilding gross margin 29.2% (up 190bps); S,G&A ratio 5.8% (record low).
New orders 14,366 (-12%); backlog dollar value $12.9B (+8%); controlled homesites 63% vs 53%.
Retired $575M senior notes due Nov 2022; no revolver borrowings; debt-to-capital 15.0% (record low).

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