Lennar Q3 EPS $1.19 vs $2.29 YoY; cuts FY2026 delivery guidance to 80-81k

LENNAR CORP /NEW/

Net earnings $284M, diluted EPS $1.19; adjusted EPS $1.23 excluding $53M mark-to-market losses and $39M one-time items.
Total revenues $8.0B; home sales revenues $7.7B (-6% YoY); deliveries 20,840 homes (-3%); ASP $372k (-3%).
New orders 20,879 (-9%); backlog 16,857 homes worth $6.3B.
Q4 guidance: deliveries 22,000-23,000; new orders 19,500-20,500; gross margin 15.5%-16.0%.
FY2026 deliveries cut to 80,000-81,000 from prior 82-83k; 30-year mortgage ~6.8% at quarter-end pressured demand.

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