Lennar Corp. (NYSE: LEN) saw its shares plummet 5.79% in after-hours trading on Tuesday following the release of its fourth-quarter earnings report. The sharp decline came as investors reacted to the homebuilder's disappointing financial results.

The company reported a 56% year-over-year drop in net earnings to $490 million, or $1.93 per diluted share, for the quarter. While revenue of $9.4 billion exceeded analyst estimates of $9.02 billion, the significant earnings decline overshadowed this positive metric. Homebuilding operating earnings also fell to $718 million, with a gross margin of 17.0% on home sales.

Despite an 18% increase in new orders to 20,018 homes, the earnings miss appears to have triggered the after-hours sell-off. The results highlight ongoing challenges in the housing market and investor concerns about profitability.