(Corrects to remove Q3 Orders figure from Key Details table)

Overview

* Lennar Corp ( LEN ) Q3 revenue falls 9% yr/yr, missing analyst expectations, per LSEG data

* Net earnings per share drops to $2.29 from $4.26 last year

* New home orders rise 12% to 23,004 homes

* Co repurchased 4.1 mln shares for $507 mln

Outlook

* Lennar ( LEN ) expects Q4 new orders of 20,000 - 21,000 homes

* Company anticipates Q4 deliveries of 22,000 - 23,000 homes

* Lennar ( LEN ) sees Q4 gross margin at approximately 17.5%

* Company optimistic about declining interest rates impacting Q4

Result Drivers

* MARKET WEAKNESS - Lennar ( LEN ) attributes revenue decline to a 9% decrease in average home sales price due to market weakness

* INCENTIVES IMPACT - Additional incentives and price adjustments led to a reduced average sales price and lower gross margin

* EFFICIENCY GAINS - Improved inventory turns and cycle time reflect Lennar's ( LEN ) production-first approach and successful negotiations with trade partners

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $8.80 $9 bln

Revenue bln (13

Analysts

)

Q3 EPS $2.29

Q3 Net $591 mln

Income

Q3 $760 mln

Homebuil

ding

Operatin

g

Earnings

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 15 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the homebuilding peer group is "buy."

* Wall Street's median 12-month price target for Lennar Corp ( LEN ) is $130.00, about 2.2% below its September 18 closing price of $132.87

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)