Lennar’s Q3 Earnings Miss Sparks After-Hours Stock Decline

Lennar Corp. shares slid in extended trading after reporting third-quarter earnings that fell short of Wall Street expectations. The homebuilder posted $2 per share, below the $2.10 consensus estimate, while revenue declined 6.3% year-over-year to $8.81 billion against forecasts of $8.97 billion.

Despite the earnings miss, new orders surged 12% to 23,004 homes, with deliveries holding steady at 21,584 units. The company's $6.6 billion backlog reflects ongoing demand, while $507 million in share repurchases signals confidence at the $122.97 average price point.

Management anticipates Q4 deliveries between 22,000-23,000 homes with average prices of $380,000-$390,000. Analysts maintain a cautious stance, with a Hold rating and $121.04 average price target reflecting near-term headwinds in the housing sector.