Lennar Corp LEN reported its third-quarter financial results after Thursday’s closing bell. Here’s a look at the details from the report. 

The Details: Lennar reported quarterly earnings of $3.90 per share, which beat the analyst consensus estimate of $3.63 by 7.44%. Quarterly revenue clocked in at $9.416 billion, beating the consensus estimate of $9.164 billion and representing a 7.86% increase over the same period last year.

• New orders increased 5% to 20,587 homes.
• Lennar reported a backlog of 16,944 homes with a dollar value of $7.7 billion.
• Deliveries increased 16% to 21,516 homes.
• Lennar reported homebuilding operating earnings of $1.5 billion with gross margin on home sales of 22.5%.
• Average home price was $422,000 in the third quarter,

“We are pleased to report another solid quarter backed by an economic environment that remains very constructive for homebuilders. Employment was strong, housing supply remained chronically short due to production deficits of over a decade and demand was solid driven by strong household formation,” said Stuart Miller, executive chairman and Co-CEO of Lennar.

“Although affordability continued to be tested during the quarter, purchasers remained responsive to increased sales incentives, resulting in a 16% increase in our deliveries and a 5% increase in our new orders year over year,” Miller added.

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Outlook: Lennar sees fourth-quarter new orders in a range of 19,000 to 19,300 and deliveries between 22,500 and 23,000. The company expects the average sales price to be approximately $425,000.

What Else: The company will host a conference call at 11 a.m. ET Friday to discuss the results. BofA Securities analyst Rafe Jadrosich maintained Lennar with a Neutral rating and raised the price target from $171 to $190 before the print on Thursday.

LEN Price Action: According to Benzinga Pro, Lennar shares are down 3.36% in extended trading at $185.99 after gaining 2.13% in Thursday’s regular session.

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