Lennar Guides Q1 Deliveries at 17,000–18,000 Units, ASP Slips 9%
Lennar forecasts Q1 home deliveries of 17,000–18,000 units at an average selling price of $365,000–$375,000, down 9% year over year. The company expects home sales gross margin to fall to 15%–16% and SG&A to rise to 9.5% of sales, with EPS projected at $0.80–$1.10.
1. Q1 Guidance Overview
Lennar will report its fiscal first-quarter results after the market close on March 12, with EPS guidance between $0.80 and $1.10, reflecting a year-over-year decline from $2.14 in the prior-year period.
2. Delivery and Pricing Forecast
The company expects home deliveries of 17,000–18,000 units at an average selling price of $365,000–$375,000, versus 17,834 units at $408,000 a year earlier, indicating a projected 2% volume drop and 9% price decline.
3. Margin and Expense Expectations
Lennar projects its home sales gross margin to contract to 15%–16% from 18.7% last year, while SG&A expenses are expected to rise to 9.5% of sales, up from 8.5%, due to increased marketing and technology investments.
4. Order Intake and Backlog Growth
The homebuilder forecasts new orders of 18,000–19,000 units, up modestly from 18,355 a year ago, and anticipates backlog units to grow approximately 15% to around 15,130, supporting near-term revenue visibility.