National homebuilding titan Lennar is comfortably profitable, but company executives lament that a struggle to procure construction materials keeps them from doing more.
“The supply chain for construction is significantly stressed and that will continue for the 4th quarter and beyond,” said Stuart Miller, chairman of Lennar during a company earning’s call Tuesday.
The call reported on Lennar’s earnings for the months of June, July, and August. The Miami-based company tallied $6.9 billion in total revenue with 94% of that total coming from its home-building arm.
Lennar delivered 15,200 homes onto market in those three months, with the average sale priced at $428,000.
The company reported $1.4 billion in net earnings for the quarter, a figure that compares favorably to $666 million the company made in the same quarter last year.