LELENEarnings Analysis财报电话会Source pending来源待核by InvestLog AIInvestLog AI 整理
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LEN earnings call: As we look ahead to the fourth quarter, we expect to generate new orders of approximately 19,500 to 20,500 and to deliver 22,000 to 23,000 homes with a gross margin between 15.5% and 16%.莱纳建筑公司 (LEN) 电话会：展望第四季度，我们预计新订单约为19500至20500份，交付房屋22000至23000套，毛利率介于15.5%至16%之间
Management remarks
Call period: 2026 Q3 · 2026-09-17
Guidance: Stuart Miller: As we look ahead to the fourth quarter, we expect to generate new orders of approximately 19,500 to 20,500 and to deliver 22,000 to 23,000 homes with a gross margin between 15.5% and 16%.
Demand and orders: Stuart Miller: We generated 20,879 new orders, just below our range of 21,000 to 22,000. Our gross margin improved sequentially to 15.8% as our sales incentives rate on deliveries came down to 12%, our net margin improved to 6.6%, and our earnings per share came in at $1.19 on a GAAP basis and $1.23, excluding one-time items.
Margins: Stuart Miller: Our gross margin improved sequentially to 15.8% as our sales incentives rate on deliveries came down to 12%, our net margin improved to 6.6%, and our earnings per share came in at $1.19 on a GAAP basis and $1.23, excluding one-time items.
Analyst Q&A
Analyst Stephen Kim asked: Appreciate all the color so far. I had a couple of questions here on the inventory. If I look at your finished homes and construction in progress on a per unit basis, the value per unit appears to have risen pretty significantly again this quarter. To the tune, I'm looking as a percentage of ASP like kind of 74%, up from almost like maybe 60% last year. And I'm wondering what's behind that rise? Management Stuart Miller answered: So in terms of land and land costs, as I said earlier, a lot of our land and land deals were negotiated at a different time to a different price range. And that is flowing through, and you're seeing some of that move up. You also have a duration question, and that is our option maintenance fees are accumulating for longer periods of time because we have moderated our growth. We've actually eliminated our growth, which was part of the underwriting of the land deals that we had. And so that's being injected in some of those land costs.
