Lennar cuts delivery target as quarterly earnings fall
Lennar ($LEN) lowered its fiscal-year home-delivery target to 80,000–81,000 from 82,000–83,000 after a weaker third quarter. Net earnings fell to $284 million, or $1.19 per share, from $591 million, or $2.29 per share, a year earlier. Revenue declined to approximately $8 billion from $8.8 billion, reflecting pressure on the builder’s sales and profitability. New orders dropped 9% to 20,879 homes, while deliveries slipped 3% to 20,840. The home-sales gross margin narrowed to 15.8% from 17.5%, and
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