Lennar Corp. one of the largest construction companies in the U.S., saw its net income and revenue decline in the second quarter of fiscal 2025, but revenue was better than market forecasts.
The company said in a press release that its net income for the quarter ended May 31 was $477 million, or $1.81 per share, compared with $954 million, or $3.45 per share, for the same period last year.
Adjusted earnings were $1.9 per share.
Revenue fell 4.5 per cent to $8.38 billion.
Analysts polled by Visible Alpha had estimated the company’s adjusted earnings at $1.94 per share on revenue of $8.19 billion.
The company delivered 20,131,000 new homes last quarter, up 2% from last year. At the same time, the average selling price of a home fell 9% to $389k.
The number of new orders received by Lennar rose 6% to 22.6 thousand homes.
Lennar’s stock price is up 2% in previous trading on Tuesday. The company’s capitalisation has fallen 16.5% since the beginning of the year to $28.7bn.