Lennar shares dropped 2.6% in after-hours trading after the homebuilder missed Q3 earnings estimates and slashed its full-year delivery outlook for the second time this year due to affordability headwinds.
Lennar lowered full-year delivery guidance for the second time and reported Q3 EPS and revenue misses, with new orders down 9% and shares falling after hours.
Lennar shares fell after the homebuilder lowered its 2026 delivery guidance to 80,000-81,000 homes, citing rising mortgage rates and cooling consumer demand. The company reported a significant earnings miss for the third quarter, with net income dropping to $284 million as new orders declined by 9%.
Lennar cited rising mortgage rates, deteriorating market conditions, and declining consumer confidence as the primary drivers for slowing purchase decisions and reduced delivery expectations.