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Lennar said deliveries of about 700 homes would most likely be
delayed from its fiscal fourth quarter ending Nov. 30 to the
next fiscal year.
The No.2 U.S. homebuilder said its communities in Texas,
Florida, Georgia and South Carolina accounted for about 40
percent of annual homebuilding revenue.
Lennar's Texas communities were hit by Hurricane Harvey, which
impacted orders and deliveries of about 120 homes in the third
quarter ended Aug. 31, the company said. Harvey is expected to
impact deliveries of 130 homes in the fourth quarter, Lennar
said.
The company said orders — a key indicator of future revenue for
homebuilders — rose 8 percent to 7,610 homes in the third
quarter ended Aug. 31. Lennar sold 7,598 homes in the quarter,
up 12 percent from a year earlier.
Lennar said there was only minor damage to its communities as a
result of Irma, based on a "very preliminary" assessment.
The company expects rebuilding activity to drive demand for new
homes next year, Lennar added.
One of the most powerful Atlantic storms on record, Irma bore
down on the Caribbean with devastating force as it raked the
northern shore of Cuba last week.
It barreled into the Florida Keys island chain on Sunday, before
plowing up the Gulf Coast of the state and dissipating.
The death toll from Irma stood at 81, with several hard-hit
Caribbean islands accounting for more than half the fatalities.
(Reporting by Rachit Vats in Bengaluru; Editing by Sai Sachin
Ravikumar)
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