Lennar Shares Drop 4% After Q3 Earnings Miss

Core Viewpoint - Lennar Corporation reported third-quarter earnings that fell short of analyst expectations, leading to a 4% decline in share price due to ongoing pressures in the housing market [1] Financial Performance - Adjusted EPS for the quarter was $2.00, missing the consensus estimate of $2.10 [1] - Revenue totaled $8.8 billion, below forecasts of $8.97 billion [1] - Home sales revenue decreased by 9% year-over-year to $8.2 billion, with the average sales price dropping 9% to $383,000 from $422,000 [2] Operational Metrics - The company delivered 21,584 homes during the quarter, nearly unchanged from 21,516 homes a year earlier [2] - Gross margin on home sales fell to 17.5% from 22.5% a year earlier [2] - Selling, General and Administrative (SG&A) expenses increased to 8.2% of home sales, up from 6.7% [2] Future Outlook - For the fourth quarter, Lennar projected deliveries of 22,000 to 23,000 homes with an average price between $380,000 and $390,000 [3] - Gross margins for the fourth quarter are expected to remain around 17.5% [3] - New orders increased by 12% to 23,004 homes, with a backlog of 16,953 homes valued at $6.6 billion [2]