Lennar Corporation LEN reported third-quarter fiscal 2024 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate. On a year-over-year basis, revenues increased, given the company’s emphasis on maintaining a steady production rate to drive sales momentum.

The company said it expects to deliver between 22,500 and 23,000 homes in the fourth quarter, compared with analysts' average estimate of 22,916 homes, according to LSEG data. Lennar delivered 21,516 homes in the third quarter ended Aug. 31, higher than the 18,559 units a year earlier.

The homebuilder expects its Q4 gross margin on home sales to stay flat with Q3's 22.5%, missing the Visible Alpha consensus of 24.3%. Lennar (LEN) expects Q4 deliveries of 22,500-23,000 (midpoint 22,750) vs. Visible Alpha consensus of 22,902, average sales ...