Lennar cut its full-year 2026 home delivery target for the second time, blaming rising mortgage rates and deteriorating market conditions, as third-quarter profit and revenue fell from a year earlier. The Miami-based homebuilder now expects to deliver between 80,000 and 81,000 homes for the full year, down from its previous guidance of 82,000 to 83,000, and below the 82,300 deliveries analysts polled by FactSet had expected. Third-quarter net earnings attributable to Lennar fell to $284 million, or $1.19 per diluted share, from $591 million, or $2.29 per diluted share, a year earlier, while adjusted earnings of $1.23 per diluted share missed the $1.28 analysts expected. Total revenue for the quarter ended Aug. 31 fell to $8.05 billion from $8.81 billion a year prior, short of the $8.32 billion analysts had expected, as deliveries slipped 3% year over year to 20,840 homes and new orders fell 9% to 20,879 homes. Executive chairman, chief executive officer and president Stuart Miller said the 30-year mortgage rate stood at approximately 6.8% at quarter end and has risen since, adding that consumer confidence has declined as rates and affordability drive more consumers to slow their purchase decisions. For the fourth quarter, Lennar guided for between 22,000 and 23,000 deliveries at an average price of $370,000 to $380,000, with gross margin on home sales of 15.5% to 16%.
Lennar CorporationLennar cut its full-year 2026 delivery target again and posted Q3 profit and revenue that fell year over year and missed estimates.
