Company Reports

Lennar posted mixed fiscal third-quarter results, as volume and pricing declined over 3% year over year but remained flattish sequentially. Earnings per share came in at $1.23 after excluding losses on investments and other one-time items.

Lennar is the second-largest homebuilder in the United States by number of homes delivered, following D.R. Horton. The company operates in 30 states and primarily constructs single-family homes. It caters to a diverse range of homebuyers, including first-time buyers, those looking to move up, active adults, and luxury buyers, and has recently introduced differentiated offerings such as Next Gen and Everything’s Included.

Lennar posted a weak set of results, partially due to recent softness in the US housing market and elevated mortgage rates. The firm reported adjusted EPS of $1.31 during the quarter, down 31% year over year.

Lennar is the second-largest homebuilder in the United States by number of homes delivered, following D.R. Horton. The company operates in 30 states and primarily constructs single-family homes. It caters to a diverse range of homebuyers, including first-time buyers, those looking to move up, active adults, and luxury buyers, and has recently introduced differentiated offerings such as Next Gen and Everything’s Included.

US homebuilders operate in a highly cyclical, competitive, and capital-intensive industry that makes it challenging to earn consistent economic profits over the business cycle. The market has been consolidating but remains highly fragmented with intense competition.

Lennar's fiscal first-quarter adjusted EPS of $0.88 fell 58.9% year over year. Homebuilding revenue was down 13% on 8% lower pricing and 5% fewer deliveries. Incentives of about 14% of gross price were flat with the fourth quarter, and the company said some recent new order levels were below 14%.

Lennar is the second-largest homebuilder in the United States in terms of the number of homes delivered, following D.R. Horton. The company operates in 30 states and primarily constructs single-family homes. It caters to a diverse range of homebuyers, including first-time buyers, those looking to move up, active adults, and luxury buyers.

Lennar reported fourth-quarter fiscal 2025 adjusted diluted EPS of $2.03, down 50% year over year. The company delivered 23,034 homes (up 4%) at an average sales price of $386,000, with a net margin of 9.1%. The stock fell over 5% during Dec. 17 trading on missed market expectations.

Lennar is the second-largest homebuilder in the United States in terms of the number of homes delivered, following D.R. Horton. The company operates in 26 states and primarily constructs single-family homes. It caters to a diverse range of homebuyers, including first-time buyers, those looking to move up, active adults, and luxury buyers.

Lennar is the second-largest homebuilder in the United States in terms of the number of homes delivered, following D.R. Horton. The company operates in 26 states and primarily constructs single-family homes. It caters to a diverse range of homebuyers, including first-time buyers, those looking to move up, active adults, and luxury buyers.

Lennar's fiscal third quarter saw new orders increase 12% year over year to 23,004; however, greater sales incentives were needed to entice buyers. The average selling price of new orders declined 12% to $366,900, and Lennar's home sales gross profit margin narrowed 500 basis points to 17.5%.

Lennar is the second-largest homebuilder in the United States in terms of total revenue and the number of homes delivered, following D.R. Horton. The company operates in 26 states and primarily constructs single-family homes. It caters to a diverse range of homebuyers, including first-time buyers, those looking to move up, active adults, and luxury buyers.

In Lennar's fiscal second quarter (ended May 31), new orders increased 6% year over year to 22,601, but heavy sales incentives were needed to entice buyers. The average selling price of new orders declined 12% to $379,400, and home sales gross profit margin narrowed 480 basis points to 17.8%.

Lennar is the second-largest homebuilder in the United States in terms of total revenue and the number of homes delivered, following D.R. Horton. The company operates in 26 states and primarily constructs single-family homes. Lennar caters to a diverse range of homebuyers, including first-time buyers, those looking to move up, active adults, and luxury buyers.

US global trade policy has weighed on both consumer and homebuilder confidence. The spring selling season is off to a slow start, and there is an above-average supply of new, unsold homes.

On April 2, President Donald Trump announced sweeping tariffs, featuring a minimum 10% tariff on all US imports and higher tariff rates for select countries.

Lennar is the second-largest homebuilder in the United States in terms of total revenue and the number of homes delivered, following D.R. Horton. The company operates in 26 states and primarily constructs single-family homes. Lennar caters to a diverse range of homebuyers, including first-time buyers, those looking to move up, active adults, and luxury buyers.

Lennar reported first-quarter earnings above consensus expectations, but shares traded lower as more substantial sales incentives resulted in strained gross margins. Compared with the prior-year period, average sales price declined 1% to $408,000 while gross margin fell 330 basis points to 18.7%.

In connection with Lennar's spinoff of Millrose Properties on Feb. 7, the homebuilder transferred $6 billion of land inventory (including land from the Rausch Coleman acquisition) to the newly created publicly traded company. We view Millrose as a hybrid land banking and development company.

US homebuilders enjoyed a robust demand environment from 2020-22 despite the pandemic. We believe several factors explain the pandemic-era housing surge, including increased suburban and cross-state migration (due in part to the rise of flexible work arrangements), government stimulus (which bolstered household savings), and record-low mortgage rates (which supported affordability despite rising home prices). However, home sales activity began to decline in 2022 as rising mortgage rates and high home prices reduced homeownership affordability. Total housing starts declined 3% in 2022 and another 9% in 2023.