Lennar Corporation (NYSE:LEN) reported first-quarter financial results after the market closed on Thursday. Here’s a look at key highlights from the quarter.

Q1 Results And Housing Metrics

Lennar reported adjusted earnings per share of 88 cents, missing the consensus estimate of 96 cents. In addition, it reported revenue of $6.61 billion, missing the consensus estimate of $6.88 billion.

New orders increased 1% year-over-year to 18,515 homes.

Deliveries decreased 5% year-over-year to 16,863 homes. The average sales price of homes delivered was $374,000, compared with $408,000 in the prior-year quarter.

Lennar reported a backlog of 15,588 homes with a dollar value of $6.0 billion.

"Our first quarter of fiscal year 2026 was defined by the same persistent headwinds that have challenged the housing market for over three years — high mortgage rates, constrained affordability, cautious consumer sentiment, and geopolitical uncertainty," said Executive Chairman and CEO Stuart Miller.

Lennar Shares Edge Higher

LEN Price Action: At the time of publication, Lennar shares are trading 2.49% higher at $94.84, according to data from Benzinga Pro.

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