美国最大的住宅建筑商之一莱纳建筑(LEN.US)盘前跌3.7%，报113.18美元。 消息上，莱纳建筑25财年第四季度的业绩显示，营收达到94亿美元，超出91.8亿美元的市场一致预期， 这主要得益于其高端产品线实现了23,034套房屋的交付，达到指引上限。然而，由于毛利率从预期的 17.5%降至17.0%，公司调整后每股收益为2.03美元，不及2.18美元的市场预期。 管理层对2026年第一季度的毛利率给出了15.0%-16.0%的指引，这反映了典型的季节性因素和交付量下 降，预计交付量为17,000-18,000套，平均售价在365,000至375,000美元之间，同时销售及行政管理费用 率将升至约9.5%。 ...

该公司联席首席执行官Stuart Miller表示，虽然利率在报告季度内有所下降，但由于可负担性限制因素 持续存在，消费者信心持续疲软，房地产市场仍然面临压力。该公司预计，2026财年Q1将交付1.7万至 1.8万套住宅，住宅销售毛利率将达到15%至16%。(格隆汇) 美国第二大住宅建筑商莱纳建筑(LEN.US)夜盘跌近4%，报113美元。消息面上，莱纳建筑公布2025财年 Q4业绩，收入为93.7亿美元，高于分析师平均预期的90.2亿美元；每股收益为1.93美元，低于预期的 2.22美元；毛利率为17%，低于预期的17.5%。报告期内，新订单同比增长18%、环比下降13%，达到 20,018套，位于此前指引区间的低端；而交付量同比增长4%，达到23,034套。 ...

美国全国住宅建筑商协会（NAHB）和富国银行联合发布的市场状况指数本月上升1点，至39，为4月份 以来最高。尽管如此，该指数低于50意味着认为市场状况不佳的建筑商仍多于认为状况良好的建筑商。 过去两个月，按揭贷款利率一直徘徊在6.3%-6.4%区间，接近一年低点，这在一定程度上推动部分买家 走出观望。然而，建筑商仍不得不提供价格优惠及其他让利措施，这正在压缩其利润空间。 本月，67%的建筑商表示提供了销售优惠，为疫情后时期的最高纪录；同时，仍有高达40%的建筑商表 示降低了价格。 "建筑商依然面临供应端阻力，因监管成本和材料价格依旧居高不下，"NAHB首席经济学家Robert Dietz 表示，"库存上升也令新建住宅面临更激烈的竞争。" 在NAHB的分项指标中，未来六个月销售预期指标12月上升1点，至52，连续第三个月高于荣枯线。当 前销售指标上升1点，至42，而潜在买家流量指标持平。 责任编辑：李桐 美国住宅建筑商的信心12月小幅上升，建筑商继续以销售优惠刺激买家入市。 美国全国住宅建筑商协会（NAHB）和富国银行联合发布的市场状况指数本月上升1点，至39，为4月份 以来最高。尽管如此，该指数低于50意味着 ...

Carl. Yeah. Homebuilder sentiment for single family homes in December rose one point to 39 on the National Association of Homebuilders index.That's a small beat. The street was looking for unchanged, but anything below 50 is considered negative, and sentiment has now been below 50 for all of this year. Now, of the indexes, three components.Current sales conditions increased one point to 42. Future sales expectations rose 1 point to 52, the only one the positive. and buyer traffic was unchanged at a low 26.B ...

Wall Street analysts expect KB Home (KBH) to post quarterly earnings of $1.79 per share in its upcoming report, which indicates a year-over-year decline of 29%. Revenues are expected to be $1.65 billion, down 17.6% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a company's earnings release, it is of utmost i ...

Homebuilding stock Toll Brothers Inc (NYSE:TOL) was last seen down 1.6% at $134.00, after mixed fiscal fourth-quarter results. The company posted earnings of $4.58 per share, missing analyst expectations of $4.87 per share and falling five cents from the same quarter a year ago. Meanwhile revenue of $3.42 billion surpassed estimates of $3.31 billion and representing a 2.7% increase from last year's same quarter. The company also issued warnings of soft demand moving forward, saying they won't be able to tel ...

Core Viewpoint - Toll Brothers is expected to perform well in the current housing market, potentially meeting or exceeding earnings expectations due to strong management and a solid balance sheet [2][3][12]. Company Performance - Toll Brothers has consistently beaten earnings expectations in the last two quarters, indicating effective earnings management even in a challenging environment [3]. - The company is viewed as the best among its peers, reflected in its share performance [3][12]. Market Conditions - The housing sector has faced headwinds for the past couple of years primarily due to high mortgage rates, which have significantly increased housing costs [2][5]. - Current mortgage rates are over 6%, which has doubled the cost of housing compared to when rates were under 3% [5]. Luxury Housing Market - The luxury housing market remains active, with some sellers pulling their homes off the market, indicating a cautious approach among potential buyers [4]. - There is a belief that the luxury market could rebound strongly once housing demand increases [2]. Investment Outlook - The stock is considered a value trade, currently priced at nine times earnings, which is seen as attractive for patient investors [12][13]. - The performance of Toll Brothers and similar stocks is closely tied to the movement of mortgage rates, with a need for rates to decrease for significant stock appreciation [5][9]. Economic Indicators - Future performance may hinge on Federal Reserve actions regarding interest rates, particularly in 2026, which could influence mortgage rates and overall economic strength [6][12].

Core Viewpoint - The intervention by President Trump in the economy may benefit undervalued mid-cap stocks, as suggested by Bank of America Securities strategist Michael Hartnett [1] Group 1: Economic Intervention - Hartnett believes that Trump is likely to implement measures to prevent a decline in his approval ratings, aiming to keep the Consumer Price Index (CPI) annual inflation rate below 4% and the unemployment rate from rising to 5% [1] - The recommendation is to go long on undervalued mid-cap stocks before 2026 [1] Group 2: Investment Opportunities - Relevant mid-cap stock ETFs include SPDR S&P MidCap 400 ETF (MDY.US), SPDR S&P 400 Mid Cap Growth ETF (MDYG.US), iShares Russell Midcap ETF (IWR.US), and iShares S&P MidCap 400 ETF (IJH.US) [1] - The "Big Seven" in the U.S. stock market may overshadow the market capitalization of the Small Cap 600 Index (SPSM.US) and the Mid Cap 400 Index (MDY.US) [1] Group 3: Sector Recommendations - Other sectors with the best relative upside potential include those closely tied to the economic cycle, such as homebuilders (XHB.US), retail (XRT.US), paper, transportation (XTN.US), and real estate investment trusts (XLRE.US) [1]

Financial Data and Key Metrics Changes - Total revenues for the fourth quarter reached $818 million, a 17% decline year-over-year, primarily due to a 13% reduction in deliveries and the absence of a significant land sale from the previous year [5][6] - Adjusted gross margin was 16.3%, showing a year-over-year decline driven by higher incentives to support affordability, with incentives accounting for 12.2% of the average sales price [5][7] - Adjusted EBITDA for the quarter was $89 million, exceeding guidance, while adjusted pre-tax income was $49 million, close to the midpoint of guidance [5][6] Business Line Data and Key Metrics Changes - The number of contracts in the fourth quarter fell by 8% compared to last year, reflecting overall market conditions [9] - Sales pace for each month in the fourth quarter was lower than the same months last year, with contracts per community declining 16% compared to the 1997-2002 period [10][12] - Quick-moving homes (QMIs) comprised 73% of total sales, down from 79% in prior quarters, indicating a focus on aligning starts with sales pace [15] Market Data and Key Metrics Changes - Traffic per community increased significantly in three of the four months of the fourth quarter compared to last year, indicating a positive trend in buyer interest [9] - Despite higher mortgage rates and a slower sales pace nationwide, net prices increased in 36% of communities during the fourth quarter, particularly in stronger markets [16] Company Strategy and Development Direction - The company is focusing on sales pace over price, prioritizing the clearance of older vintage lots to make way for new land acquisitions with better margins [8][21] - The strategy includes maintaining a robust inventory of QMIs to enable quick sales and optimize inventory levels [14][15] - The company plans to continue using mortgage rate buy-downs and similar incentives to support sales while managing costs through negotiations with suppliers [39][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging market conditions but expressed optimism about performance bottoming out in the upcoming quarter and gradually improving thereafter [45] - The company expects gross margins to bottom in the first quarter of fiscal 2026 and to improve in subsequent quarters if market conditions remain stable [25][36] Other Important Information - The company ended the fourth quarter with $404 million in liquidity, well above the targeted range, and completed a significant refinancing, marking a milestone in reducing debt risk [22][23] - The lot count decreased 14% year-over-year, reflecting disciplined land acquisition strategies [19][20] Q&A Session Summary Question: Are you doing anything to offset some of the pressure from gross margins? - The company has successfully controlled costs and reduced expenses in some areas, maintaining flat costs despite increases from tariffs [39] Question: When do you expect gross margin to take higher next year? - The improvement in gross margins is expected to be a mix of working through older properties and bringing on newer land deals identified in 2024 and 2025 [41]

智通财经APP获悉，英国财政大臣蕾切尔·里夫斯一年前曾宣称："我们今后无需再制定这样的预算 案。"她坚称自己初掌财政便已恢复公共财政稳定，无需再度出台加税措施。 然而，当里夫斯于当地时间周三提交其第二份年度预算案时，外界预计她将宣布新一轮大幅加税计划。 这一举措不仅将考验执政工党的公信力，也将受到情绪敏感的债券市场的密切审视。 对于里夫斯而言，执掌这个全球第六大经济体的头18个月充满挑战。这位前英国央行经济学家、英国首 位女性财政大臣，将自己的政治形象定位为治愈近年来英国政坛乱象的良药。 但她与首相斯塔默在税收问题上数周来释放的矛盾信号，已损害了投资者和选民的信任，使她的信誉 ——乃至斯塔默的政治前途——均悬于一线。YouGov民调显示，仅9%的英国人认为里夫斯工作表现良 好，而61%的人持否定态度。 批评者试图嘲讽她为"财务部的蕾切尔"——暗指刻板印象中平庸的女性职员。但里夫斯表示从政不为博 取人气，并列举在核能和医疗领域的新公共投资作为其政绩的证明。"我们是否已完成所有目标?当然没 有，我第一个承认这一点，"她本月在一次采访中表示，"但我们正在取得进展。" 棋手谋变 力求破局 学生时代曾是国际象棋明星的里 ...