Lennar Sees Q3 Deliveries at 20,500-21,500, Missing 22,353 View as Housing Slump Persists
Updated
Updated · Reuters · Jun 11
Lennar Sees Q3 Deliveries at 20,500-21,500, Missing 22,353 View as Housing Slump Persists
2 articles · Updated · Reuters · Jun 11
Summary
20,500 to 21,500 homes is Lennar's third-quarter delivery forecast, below analysts' 22,353 estimate, and the outlook sent shares down 3.2% after hours.
High mortgage rates, weak consumer confidence and job uncertainty kept buyers cautious, while incentives such as mortgage-rate buydowns and persistent inflation squeezed margins.
20,519 homes were delivered in the second quarter, up 2% from a year earlier, but the average selling price fell 5% to $371,000 as market weakness forced higher incentives.
Second-quarter adjusted profit beat expectations at $1.31 a share versus $1.24, but revenue fell more than 5% to $7.94 billion, missing the $8.02 billion consensus.
Lennar said the housing market still faces elevated rates, affordability constraints and geopolitical uncertainty; its stock remains nearly 50% below its September 2024 high.