Lennar sees Q2 new orders 16,000-17,000

Sees Q2 deliveries 15,000-16,000; average sales price $435,000-$445,000; Gross Margin % on Home Sales 21.0%-21.5%; S,G&A as a % of Home Sales 7.2%-7.4%; and financial services operating earnings $70M-$75M. Stuart Miller, Executive Chairman of Lennar, said,"As we have seen over the past quarters, interest rates are fluctuating and are likely to continue to move, and the housing market will continue to rebalance pricing and interest rates. While we have a clear-cut strategy of execution, we will only give broad boundaries for deliveries and gross margin. For the Q2, the range for deliveries will be between 15,000 to 16,000 homes and gross margin will be 21.0% to 21.5%. For the FY23, the range for deliveries will be between 62,000 to 66,000 homes. We continue to fortify our balance sheet with significant liquidity and operate from a position of strength, enabling us to continue to execute on our core strategies and outperform in periods of uncertainty."