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Story summary
- Lennar reported Q2 deliveries of 20,519 homes, missing the 22,353 forecast, causing stock to fall 3.2%.
- Revenue was $7.94 billion versus an $8.02 billion estimate, while earnings hit $1.31 per share, beating the $1.24 consensus.
- Average home price dropped 5% to $371,000 while gross margin fell to 15.6% from 17.8% a year earlier.
- Lennar cut its 2026 delivery target to 82,000–83,000 homes, set Q3 closings at 20,500-21,500, and repurchased $447 million of stock.
