Lennar reports third quarter 2022 results

Third quarter 2022 highlights - comparisons to the prior year quarter net earnings per diluted share increased 11% to $5.03 increased 58% to $5.18, excluding mark-to-market gains (losses) on technology investments and one-time items net earnings increased 4% to $1.47 billion increased 48% to $1.51 billion, excluding mark-to-market gains (losses) on technology investments and one-time items deliveries increased 13% to 17,248 homes new orders decreased 12% to 14,366 homes; new orders dollar value decreased 11% to $6.7 billion backlog of 25,734 homes - consistent with prior year; backlog dollar value increased 8% to $12.9 billion total revenues increased 29% to $8.9 billion homebuilding operating earnings increased to $2.0 billion, compared to operating earnings of $1.3 billion gross margin on home sales improved 190 basis points ("bps") to 29.2% s,g&a expenses as a % of revenues from home sales improved 120 bps to 5.8% net margin on home sales improved 320 bps to 23.5% financial services operating earnings of $63.0 million (including a $35.5 million one-time charge), compared to operating earnings of $111.9 million multifamily operating earnings of $45.9 million, compared to operating loss of $9.4 million lennar other operating loss of $118.0 million, compared to operating earnings of $492.0 million homebuilding cash and cash equivalents of $1.3 billion controlled homesites increased to 63%, compared to 53% no outstanding borrowings under the company's $2.575 billion revolving credit facility retired $575 million of homebuilding senior notes due november 2022 homebuilding debt to total capital improved to 15.0%, compared to 21.2% miami , sept. 21, 2022 /prnewswire/ -- lennar corporation (nyse: len and len.b), one of the nation's leading homebuilders, today reported results for its third quarter ended august 31, 2022.
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