Lennar Corporation (LEN, Financial) saw its stock rise in pre-market trading after releasing a mixed second-quarter earnings report. While the company exceeded revenue expectations, it fell short on profit, new orders, and average selling price.
The Miami-based homebuilder reported earnings per share of $1.81 and a revenue decline of over 4% to $8.38 billion. Analysts surveyed by Visible Alpha had anticipated earnings of $1.96 per share and revenue of $8.29 billion.
Lennar reported 22,601 new orders, 20,131 home deliveries, and an average selling price of $389,000, missing analyst expectations of 22,934 new orders, 20,019 deliveries, and a $400,690 average price. Previously, Lennar had projected new orders between 22,500 and 23,500, deliveries between 19,500 and 20,500, and an average price between $390,000 and $400,000.
Co-CEO Stuart Miller noted that despite challenges in affordability and declining consumer confidence, Lennar remains committed to strategies that enhance long-term business efficiency.
For the third quarter, Lennar estimates new orders between 22,000 and 23,000, with deliveries in the same range, and an average price between $380,000 and $385,000. Analysts had previously forecasted 22,542 new orders, 23,645 deliveries, and an average price of $398,260.
As of Tuesday, Lennar's stock has declined 17% this year but rose 2% in pre-market trading.
