Overview

• The homebuilder reported third-quarter earnings of $2.29 per share, down from $4.26 a year earlier.
• Revenue fell 8.7% to $8.25 billion, missing analyst expectations of roughly $9 billion.
• Fourth-quarter home deliveries are guided to 22,000–23,000 units, short of LSEG-tracked forecasts above 25,000.
• Shares fell about 4.4% in after-hours trading following the results and outlook.
• Lennar cited pressure on margins from mortgage-rate buydowns and other incentives, while management emphasized margin rebuilding and said tariffs should not affect operations as BofA expects little near-term lift from the Fed’s recent cut.