Core Insights - Lennar Corp. reported adjusted earnings of $2 per share, missing the consensus estimate of $2.10, and quarterly revenue of $8.81 billion, which also fell short of the Street estimate of $8.99 billion [1][3] Financial Performance - New orders increased by 12% to 23,004 homes, while the backlog stood at 16,953 homes valued at $6.6 billion [5] - Deliveries remained consistent with the prior year at 21,584 homes [3][5] - Total revenues reached $8.81 billion, with homebuilding operating earnings of $760 million [5] - Gross margin on home sales decreased to 17.5%, and SG&A expenses accounted for 8.2% of revenues from home sales [3][5] - Net margin on home sales was reported at 9.2% [5] - Financial Services operating earnings were $178 million, while the multifamily segment reported an operating loss of $16 million [5] Market Context - The results reflect ongoing pressures in the housing market, necessitating additional incentives that led to a reduced average sales price of $383,000 [3] - The stock price of Lennar was down 3.36% to $128.40 in extended trading following the earnings report [4]