Lennar Misses Q3 Revenue, Cuts Full-Year Delivery Target
LEN is trading near its 52-week low of $76.63 (0.2% below the low) on elevated volume (2.2× avg).
Summary
Lennar's Q3 revenue of $8.04B missed the $8.31B consensus, with EPS of $1.19 and net earnings of $284M. The company lowered its full-year 2026 delivery target to 80,000-81,000 homes from 82,000-83,000, citing higher mortgage rates and affordability constraints. Q4 guidance calls for 19,500-20,500 new orders and 22,000-23,000 deliveries with gross margin of 15.5%-16.0%. This follows the Q2 10-Q filed in June, which already showed a significant profit drop and reduced delivery forecast. The stock is trading near its 52-week low, and the continued guidance cut signals further pressure on homebuilding margins.
Updates
· Benzinga — New orders fell 9% YoY to 20,879 homes. Q4 average sales price is guided to $370,000-$380,000, roughly flat sequentially.
· SEC 8-K — Q3 adjusted EPS was $1.23 excluding $53M tech investment losses and $39M Financial Services one-time items. Lennar repurchased 3M shares for $256M and redeemed $400M of 5.25% senior notes.
At the time of this announcement, LEN was trading at $76.50 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $18.8B. The 52-week trading range was $76.63 to $139.44. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.