Lennar Corp. (NYSE: LEN) shares plummeted 5.16% in pre-market trading following the company's disappointing fourth-quarter earnings report and outlook. The homebuilder reported adjusted earnings of $2.03 per share, missing analyst estimates of $2.21, while revenue declined to $9.37 billion from $9.95 billion a year earlier.
The company cited a challenging housing market, with high buying costs and sluggish sales impacting performance. Lennar's guidance for the first quarter also fell short of expectations, with projected margins and deliveries below analyst forecasts. The weak results and outlook have raised concerns about the broader housing sector's near-term prospects.
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