Homebuilder Lennar Stock Slips After Q1: 'Same Persistent Headwinds'

Lennar Corp. (NYSE:LEN) shares slipped in Thursday's extended trading after the company released its first-quarter earnings report, missing estimates on the top and bottom lines.

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The Details: Lennar reported quarterly earnings of 88 cents per share, which missed the consensus of 96 cents, according to Benzinga Pro data.

Quarterly revenue of $6.62 billion missed the consensus estimate of $6.88 billion by 3.83% and was down from $7.63 billion in the same period last year.

Deliveries and orders also came in below estimates, according to CNBC.

• New orders increased 1% year-over-year to 18,515 homes
• Backlog of 15,588 homes with a dollar value of $6 billion
• Deliveries decreased 5% year-over-year to 16,863 homes
• Total revenues of $6.6 billion
• Homebuilding operating earnings of $373 million
  
  • S, G& A expenses as a % of revenues from home sales of 9.8%
  • Net margin on home sales of 5.3%

“Our first quarter of fiscal year 2026 was defined by the same persistent headwinds that have challenged the housing market for over three years — high mortgage rates, constrained affordability, cautious consumer sentiment, and geopolitical uncertainty, especially now including the recent conflict in Iran,” said Stuart Miller, CEO of Lennar.

LEN Stock Price: According to data from Benzinga Pro, Lennar stock dipped 2.04% to $90.65 in Thursday's extended trading, after shedding more than 4% in the regular session.   

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