Lennar Q2 Revenue Plunges 36% to $304.77M, EPS Down 31%
LEN is trading near its 52-week low of $81.18 (12% above the low).
Summary
Lennar reported a significant decline in its second-quarter results, with revenue plunging 36.2% year-over-year to $304.77 million and diluted EPS falling 31.5% to $1.24. The company also confirmed a trimmed full-year home delivery guidance to 82,000-83,000 homes, citing higher interest rates and moderated home prices. This detailed earnings report follows the 10-Q filing minutes earlier and earlier news in June that indicated a decline in Q2 orders and moderated full-year forecasts. The substantial drop in key financial metrics and compressed gross margins underscore the persistent headwinds in the housing market.
At the time of this announcement, LEN was trading at $90.93 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $22.3B. The 52-week trading range was $81.18 to $144.24. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.