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

Lennar ( LEN ) shares are trending higher. Why is LEN stock trading higher?

Q1 Results And Housing Metrics

Lennar ( LEN ) 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 ( LEN ) 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 ( LEN ) shares are trading 2.49% higher at $94.84, according to data from Benzinga Pro.

Image via Shutterstock