By Elias Schisgall

Lennar lowered its full-year home deliveries target after reporting declining revenue in the second quarter, as difficult housing-market conditions continued to weigh on the company's business.

The homebuilder on Thursday said it now expects full-year deliveries of around 82,000 to 83,000 homes, citing high interest rates and geopolitical uncertainty. The company had earlier targeted about 85,000 home deliveries.

"Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years," Chief Executive Officer Stuart Miller said, citing high mortgage rates, low affordability, consumer sentiment, and inflation as contributing factors to the slow housing market.

Miller said the company has prioritized increasing its volumes and delivering at lower prices, adding that he continues to see opportunity in the housing market. Lennar will publish an investor deck on Friday morning outlining its path to margin recovery, he said.

"Demand is real, deferred, and building," Miller said. "Lennar is positioned better than at any point in recent history to capture demand as conditions normalize."

Lennar reported a second-quarter profit of $304.8 million, or $1.24 a share, compared with a profit of $477.4 million, or $1.81 a share, a year earlier.

On an adjusted basis, earnings were $1.31 a share, topping the $1.24 analysts were expecting, according to FactSet.

Revenue fell to $7.94 billion from $8.38 billion a year prior. Analysts polled by FactSet were expecting $8.08 billion.

The company delivered 20,519 homes during the quarter, up 2% from the prior year. The average selling price was $371.000, compared with $389,000 a year earlier.

Analysts were expecting about 20,540 deliveries at an average price of $373,680.

For the current third quarter, the company is expecting to deliver between 20,500 and 21,500 homes at an average price between $375,000 and $380,000.

Analysts are expecting about 22,100 deliveries at an average price of $372,620.

Shares in Lennar fell 1.7% to $93.30 in after-hours trading. The stock closed the regular session up 5.7% at $94.95, and is down 7.6% so far this year.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

June 11, 2026 17:13 ET (21:13 GMT)

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