Miami, June 11, 2026, 19:01 EDT
- Lennar shares jumped 5.7% in Thursday’s regular session, then slipped after the bell.
- The homebuilder posted adjusted EPS ahead of estimates, but revenue came in below forecasts.
- Management lowered its full-year delivery target as housing demand stays under pressure from mortgage rates, affordability, and incentives.
Lennar Corporation stock finished Thursday up 5.68%, closing at about $94.95. Volume hit over 3.4 million shares. Homebuilder and cyclical names rallied along with a broader market bounce. The SPDR S&P Homebuilders ETF was up more than 4% near the close.
Lennar shares dropped 3.2% after the bell, with investors reacting to the company’s weaker outlook. Reuters said Lennar forecast fiscal third-quarter deliveries to fall short of Wall Street’s expectations, pointing to ongoing weakness for the U.S. housing market.
Lennar said net earnings for its fiscal second quarter dropped to $305 million, or $1.24 a share, from $477 million, or $1.81 a share, a year ago. Stripping out mark-to-market losses on tech investments, earnings came to $1.31 a share. Revenue reached $7.94 billion. The company said deliveries rose 2% over the year to 20,519 homes while new orders slipped 4% to 21,749 homes.
Lennar’s Stuart Miller, who is Executive Chairman, CEO and President, said the quarter ran into “same stubborn headwinds.” Higher mortgage rates, affordability issues and wary buyers are still weighing, he said. Miller said Lennar used a strategy to “execute around the affordability challenge rather than wait it out.” Lennar Investors
Pricing was under pressure. Lennar reported its average sales price dropped to $371,000, down from $389,000 last year, citing persistent softness in the market. Gross margin on home sales narrowed to 15.6% from 17.8%. The company said construction costs were still getting better.
Lennar put guidance for fiscal Q3 at 20,500 to 21,500 deliveries, an average sales price between $375,000 and $380,000, and gross margin near 16%. That’s lighter on deliveries than the 22,353 analysts polled by LSEG wanted, Reuters reported, despite Lennar topping earnings.
Lennar cut its 2026 delivery goal, now aiming for around 82,000 to 83,000 homes instead of 85,000. The company closed the quarter with $1.8 billion in homebuilding cash and had nothing drawn on its $3.1 billion revolver. It bought back 5 million shares for $447 million.
The stock’s advance in the regular session matched a rally on Wall Street, with U.S. indexes logging their biggest gain in two months. The S&P 500 tacked on 1.8% to 7,394.30, while the Dow Jones Industrial Average moved up 1.9% to 50,848.75. The Nasdaq Composite jumped 2.5% to 25,809.66, AP reported.
