Lennar Corporation (NYSE:LEN) stock fell 0.40% (As on Mar 17, 1:13:20 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 22. Deliveries increased 2% to 12,538 homes. New orders increased 1% to 15,747 homes; new orders dollar value increased 19% to $7.8 billion. Backlog increased 24% to 27,335 homes; backlog dollar value increased 43% to $13.6 billion. Revenues from home sales increased 17% in the first quarter of 2022 to $5.7 billion from $4.9 billion in the first quarter of 2021. Revenues were higher primarily due to a 2% increase in the number of home deliveries to 12,538 homes from 12,314 homes and a 15% increase in the average sales price to $457,000 from $398,000. Gross margin on home sales were $1.5 billion, or 26.9%, in the first quarter of 2022, compared to $1.2 billion, or 25.0%, in the first quarter of 2021. Operating earnings for the Financial Services segment were $90.8 million in the first quarter of 2022, compared to $146.2 million in the first quarter of 2021. The decrease in operating earnings was primarily due to lower mortgage net margins driven by a more competitive mortgage market. Operating earnings for the Multifamily segment were $5.4 million in the first quarter of 2022, compared to an operating loss of $0.9 million in the first quarter of 2021. Operating loss for the Lennar Other segment was $403.1 million in the first quarter of 2022, compared to operating earnings of $471.3 million in the first quarter of 2021.

LEN in the first quarter of FY 22 has reported the adjusted earnings per share of $2.70, beating the analysts’ estimates for the adjusted earnings per share of $2.60. The company had reported the adjusted revenue growth of 16 percent to $6.2 billion in the first quarter of FY 22, beating the analysts’ estimates for revenue of $6.19 billion.

Additionally, during the quarter, the Company repurchased 5.3 million shares of its common stock for $526.3 million at an average per share price of $99.90. On March 16, 2022, the Company had increased the authorization for the Company to repurchase its own shares from time to time by $2 billion. At February 28, 2022, the Company had $1.4 billion of Homebuilding cash and cash equivalents and no borrowings under its $2.5 billion revolving credit facility, thereby providing $3.9 billion of available capacity.