Lennar Corp. ( LEN ) released its first-quarter results after Thursday's closing bell. Here's a look at the details from the report. 

The Details: Lennar ( LEN ) reported quarterly earnings of $2.14 per share. which beat the analyst consensus estimate of $1.73. Quarterly GAAP revenue came in at $7.63 billion, beating the consensus estimate of $7.43 billion.

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For the first quarter, Lennar ( LEN ) reported:

New orders increased 1% to 18,355 homes; new orders dollar value decreased 4% to $7.4 billion.

Backlog of 13,145 homes with a dollar value of $5.8 billion.

Deliveries increased 6% to 17,834 homes.

Total revenues of $7.6 billion.

Homebuilding operating earnings of $809 million.

Gross margin on home sales of 18.7% (18.8% before purchase accounting.)

S,G&A expenses as a % of revenues from home sales of 8.5%.

Net margin on home sales of 10.2%.

Financial Services operating earnings of $143 million.

Multifamily operations were breakeven.

“We are pleased to report our 2025 first-quarter results that were both constructive and strategic for Lennar ( LEN ). During the quarter, we continued to focus on our strategy of matching production pace with sales pace and maintaining even flow production,” said Stuart Miller, Co-CEO of Lennar. 

Miller did point to weakness in the market, which led to a lower average sales price and other metrics that came in below expectations.

“Reflecting continued weakness in the market, however, our average sales price, net of incentives, declined to $408,000, 1% lower than last year. Additionally, our gross margin was 18.7%, just shy of our guidance, and our SG&A expenses were 8.5%, producing a 10.2% net margin, all contributing to earnings of $520 million, or $1.96 per diluted share,” Miller said.

LEN Price Action: According to data from Benzinga Pro, Lennar ( LEN ) shares are down 4.18% after hours at $115.05 on Thursday.  

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