Core Viewpoint - Lennar Corporation (LEN) is expected to report its first-quarter fiscal 2026 results on March 12, with anticipated declines in both earnings and revenues compared to the previous year [1][2]. Revenue Performance - The Zacks Consensus Estimate for total revenues is projected at $6.83 billion, reflecting a 10.5% decline from $7.63 billion in the same quarter last year [2]. - The company's fiscal first quarter revenue is expected to decline due to lower home sales revenues, influenced by weak homebuyer confidence amid fluctuating mortgage rates and inflationary pressures [3][4]. Home Deliveries and Average Selling Price (ASP) - Lennar expects home deliveries between 17,000 and 18,000 units, with an ASP between $365,000 and $375,000, compared to 17,834 homes sold at an ASP of $408,000 in the previous year [4]. - The model predicts home deliveries of 17,480 units at an ASP of $371,430, indicating year-over-year declines of 2% and 9%, respectively [5]. Earnings and Margins - The company's EPS is expected to decline significantly, with estimates ranging from $0.80 to $1.10, down from $2.14 reported in the year-ago quarter, indicating a 55.1% decrease [2][8]. - Gross margin for home sales is anticipated to be between 15% and 16%, down from 18.7% a year ago, as the company sacrifices pricing power to boost sales volume [7][8]. Orders and Backlog - New orders for the fiscal first quarter are expected to be between 18,000 and 19,000 units, reflecting a slight increase from 18,355 units reported last year [10]. - Backlog units are projected to increase by 15.1% year-over-year to 15,130, with potential housing revenues up 1.9% to $5.88 billion [10]. Technology and Operational Efforts - Lennar's technology-driven transformation efforts are expected to ease some pressures, aiming to reduce customer acquisition costs and modernize operations [6]. - Increased investments in technology and marketing are likely to raise selling, general and administrative (SG&A) expenses to approximately 9.5%, up from 8.5% year-over-year [9].