By Kelly Cloonan
Lennar posted lower profit and revenue in its latest quarter as the average sales price of homes delivered fell due to continued weakness in the housing market.
The Miami-based homebuilder on Monday posted a profit of $477 million for the fiscal second quarter, compared with $954.3 million a year earlier.
Earnings per share were $1.81, below estimates of $1.94 a share according to analysts polled by FactSet.
Revenue fell to $8.38 billion compared with $8.77 billion a year ago. Analysts expected $8.18 billion.
Home sales revenues fell 7% to $7.8 billion, driven primarily by a decrease in the average sales price of homes delivered due to continued weak housing market trends, Lennar said. The company's average sales price of homes delivered fell 9% to $389,000 in the quarter.
Deliveries rose 2% to 20,131 homes and new orders increased 6% to 22,601 homes.
Co-Chief Executive Stuart Miller said the company continued to see softness in the housing market in the quarter due to affordability challenges and a decline in consumer confidence.
Lennar ended the quarter with a backlog of 15,538 homes with a dollar value of $6.48 billion. For its current quarter, the company expects home deliveries between 22,000 and 23,000 homes and new home orders of 22,000 to 23,000.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
June 16, 2025 18:23 ET (22:23 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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