Lennar Corporation (NYSE:LEN) stock fell 2.80% (As on Dec 16, 12:25:12 AM UTC-4, Source: Google Finance) after the company posted lower than expects results for the fourth quarter of FY 21. Fourth quarter net earnings attributable to Lennar in 2021 were $1.2 billion compared to $882.8 million in the fourth quarter of 2020. The fourth quarter results reflect both continued strength in the housing market across the country, and continued housing supply shortage driven by limited entitled land, labor and supply chain constraints, and 10 years of production shortfall. The revenues from home sales grew 26% in the fourth quarter of 2021 to $8.0 billion from $6.3 billion in the fourth quarter of 2020. Revenues were higher primarily due to an 11% increase in the number of home deliveries and a 14% increase in the average sales price. New home deliveries increased to 17,819 homes in the fourth quarter of 2021 from 16,090 homes in the fourth quarter of 2020. The average sales price of homes delivered was $448,000 in the fourth quarter of 2021, compared to $393,000 in the fourth quarter of 2020. Operating earnings for the Financial Services segment were $111.4 million in the fourth quarter of 2021, compared to $151.2 million in the fourth quarter of 2020. 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 $9.3 million in the fourth quarter of 2021, compared to $26.7 million in the fourth quarter of 2020. Operating loss for the Lennar Other segment was $176.2 million in the fourth quarter of 2021, compared to an operating loss of $1.2 million in the fourth quarter of 2020.

LEN in the fourth quarter of FY 21 has reported the adjusted earnings per share of $3.91, missing the analysts’ estimates for the adjusted earnings per share of $4.15. The company had reported the adjusted revenue growth of 24 percent to $8.4 billion in the fourth quarter of FY 21, missing the analysts’ estimates for revenue of $8.51 billion.

Additionally, during the fourth quarter of 2021, the Company repurchased 10 million shares of its common stock for $977.4 million at an average per share price of $97.74. At November 30, 2021, the Company had $2.7 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.5 billion revolving credit facility, thereby providing $5.2 billion of available capacity.