Lennar (LEN)’s Q3 Results Show the Cost of Protecting Home Sales

Lennar Corporation (NYSE:LEN) delivered 20,840 homes in its fiscal Q3 ended August. That was within its own guidance of 20,500 to 21,500 deliveries but fell short of Wall Street expectations. That prompted StoneX to reiterate a Hold rating on Lennar after the results. The brokerage cited misses across deliveries, average selling price, revenue, and earnings. Don't Miss: Jim Cramer Wasn't Hopeful About This Major Homebuilding Stock Lennar's Q3 home deliveries declined 3% to 20,840, and the average selling price fell 3% to $372,000. Consequently, revenue fell 9% YoY to $8.0 billion, and EPS dropped 48% to $1.19. StoneX had expected 21,000 home deliveries at a $376,000 average selling price. It was expecting revenue to come in at $8.