Lennar Corp. (NYSE: LEN) saw its shares plummet by 6.35% during Wednesday's intraday session, reflecting investor disappointment following the company's latest earnings report.
The homebuilder reported adjusted earnings of $2.03 per share for its fiscal fourth quarter, missing analyst estimates of $2.21. Revenue also 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 further dampened sentiment, with projected margins and deliveries falling short of expectations.
The weak results and outlook have raised concerns about the broader housing sector's near-term prospects, as Lennar's struggles highlight ongoing affordability issues and market stagnation.
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