Lennar Reports Third Quarter 2026 Financial Results
Lennar Corporation reported third-quarter results for fiscal year 2026 with net earnings of $284 million, or $1.19 per diluted share. Excluding mark-to-market losses and one-time items in its Financial Services segment, the company earned $1.23 per diluted share compared to $2.00 in the same period last year. New home orders fell 9% year-over-year to 20,879 units amid a challenging economic environment marked by rising mortgage rates and declining consumer confidence. Despite these challenges, Lennar maintained consistent volume with 20,840 homes delivered during the quarter and reported total revenues of $8.0 billion. The company improved key operational metrics such as construction cost per square foot (down 1% sequentially) and cycle time (now at a record low of 116 days). Lennar also reduced its completed unsold inventory to 1.8 homes per community, reflecting better efficiency. The housing market remains constrained by high interest rates and affordability issues, but the company noted continued demand driven by housing shortages and 'build-to-rent' activity.
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