Lennar reports Q3 adjusted EPS $2.00, consensus $2.09

Reports Q3 revenue $8.8B, consensus $9.05B. Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar (LEN), said, “Our third quarter results reflect both the continued pressures of today’s housing market and the consistency of Lennar’s operating strategy. This quarter, we delivered 21,584 homes and recorded 23,004 new orders. Achieving these results required additional incentives, resulting in a reduced average sales price of $383,000, and our gross margin drifted down to 17.5%, while our SG&A expenses came in at 8.2%, reflecting the soft market conditions.”