Lennar Corporation (NYSE: LEN) reported third-quarter results that missed analyst expectations.
The homebuilder posted Q3 revenue of $8.05 billion, falling short of the $8.31 billion consensus estimate. Adjusted earnings reached $1.23 per share, missing the anticipated $1.30 per share.
Persistent high interest rates weighed on homebuyer demand and affordability during the period. Weakness in the housing sector often signals broader economic headwinds for the consumer discretionary sector.
Lennar shares fell 2.6% to $76.36 in pre-market trading on September 17. The company originally released the financial results after the market closed on September 16.