Lennar Corporation (LEN) shares declined 7.31% in after-hours on Wednesday, December 15, 2021, and closed the trading at $104.82. However, in the regular trading session, LEN’s stock gained 1.75%. LEN shares have risen 53.09% over the last 12 months, and they have moved down 1.95% in the past week. Over the past three months, the stock has gained 12.81%, while over the past six months, it has jumped 19.48%.
Let’s see what are the latest news about the company?
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LEN latest news
On December 15, 2021, Lennar Corporation (LEN) announced its financial results for the fourth quarter and fiscal year ended November 30, 2021.
Q4 2021 financial highlights
- LEN revenue was $8.4 billion in Q4 2021 compared to $6.8 billion in Q4 2020.
- Net earnings were $1.19 billion in Q4 2021 compared to $890 million in Q4 2020.
- Earnings per basic and diluted share were $3.91 in Q4 2021 compared to $2.82 in Q4 2020.
FY 2021 financial highlights
- Total revenue was $27.13 billion in FY 2021 compared to $22.5 billion in FY 2020.
- Net earnings were $4.45 billion in FY 2021 compared to $2.46 billion in FY 2020.
Q1 2022 financial outlook
For Q1 2022, the company is expecting,
- New orders in the range of 14,800 to 15,100
- Deliveries about 12,500.
- The average sale price of $460,000
- Financial Services Operating Earnings in the range of $85 million to $90 million.
FY 2022 financial outlook
For FY 2022, the company is expecting,
- Deliveries about 67,000.
- The average sale price of $460,000
- Financial Services Operating Earnings in the range of $440 million to $450 million.
LEN and Veev collaboration
On November 18, 2021, Lennar (LEN) and Veev, a pioneer in vertically integrated end-to-end panelized building technology that enhances every aspect of the living experience, committed to a new residential community as a follow-on to Lennar’s investment in Veev’s $200-million financing rounds.
The largest community is expected to break ground with exclusively featuring homes built with Veev’s proprietary and productized approach to design and construction in coming months. Veev’s technology-driven solution can deliver homes up to four times faster than the industry standard.
LEN new Camber apartments
On November 2, 2021, LMC, a wholly-owned subsidiary of Lennar Corporation (LEN) announced the opening of Camber, a brand new apartment community in the burgeoning Denver Gateway Center, ideally situated between Downtown Denver and Denver International Airport (DIA).
Conclusion
The recent financial results missed the estimates which resulted in its decline in the stock market. We can expect it to pick up the momentum in the coming trading sessions.
