(RTTNews) - Lennar Corp. (LEN) on Thursday reported a drop in profit for the second quarter as revenues decreased.
For the quarter, net earnings attributable to Lennar declined to $304.8 million, or $1.24 per share, from $477.4 million, or $1.81 per share, a year earlier.
Adjusted earnings were $322 million, or $1.31 per share, compared to $499 million or $1.90 per share last year.
Total revenue decreased 5% to $7.94 billion from $8.38 billion in the prior-year period. Homebuilding revenue fell 3% to $7.62 billion, reflecting a 5% decline in average selling price to $371,000, partially offset by a 2% increase in deliveries to 20,519 homes.
Looking ahead, Lennar expects third-quarter deliveries of 20,500 to 21,500 homes, average selling prices of $375,000 to $380,000, and gross margin of approximately 16%. The company also lowered its fiscal 2026 delivery target to 82,000-83,000 homes.
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