Lennar Corporation ( LEN ) shares are moving lower on Friday after the company reported first-quarter financial results and issued soft guidance for the second quarter.

What To Know: The company expects new orders of 22,500 to 23,500 for the second quarter. In addition, it anticipates financial services operating earnings from $135 million to $145 million.

Lennar ( LEN ) sees an average sales price of $390,000 to $400,000 on its homes

“Despite an uncertain macro environment, we are optimistic about our business and remain focused on our mission of building a healthier housing market and bringing attainable homes to more people,” said Stuart Miller, Executive Chairman and Co-CEO.

“As we look ahead, we expect to deliver between 19,500 to 20,500 homes for the second quarter and expect our gross margin to be approximately 18%, depending on market conditions. We remain steadfast in our goals to match our production with sales pace, drive strong current cash flow, and maintain carefully managed inventory levels so that, as market conditions stabilize and ultimately improve, we will benefit from normalized margins across our growing volume.”

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LEN Price Action: At the time of writing, Lennar ( LEN ) stock is trading 6.00% lower at $112.87, according to data from Benzinga Pro.

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