Lennar Corp. (NYSE:LEN) posted second-quarter results after Thursday’s closing bell, missing Wall Street’s revenue estimate. Here's a look at the details inside the report.
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Lennar Q2 Details
Lennar reported quarterly adjusted earnings of $1.31 per share, which beat the Street consensus estimate of $1.25, according to Benzinga Pro data.
Quarterly revenue came in at $7.94 billion, missing the analyst estimate of $8.02 billion.
Lennar reported the following second-quarter highlights:
- New orders decreased 4% year over year to 21,749 homes
- Backlog of 16,818 homes with a dollar value of $6.6 billion
- Deliveries increased 2% year over year to 20,519 homes
- Homebuilding operating earnings of $489 million
- Gross margin on home sales of 15.6%
- SG&A expenses as a percentage of revenues from home sales of 9.2%
- Net margin on home sales of 6.4%
“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 — persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty, creating a resurgent inflation reading of 4.2% driven by higher energy prices,” said Stuart Miller, CEO of Lennar.
“Against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform,” Miller added.
LEN Stock Price Activity: According to data from Benzinga Pro, Lennar stock was down 1.69% to $93.35 in Thursday's extended trading.
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