<div id="readability-page-1">Lennar Corporation ( LEN ) reported first-quarter financial results after the market closed on Thursday. Here’s a look at key highlights from the quarter. <ul> <li>Lennar ( LEN ) shares are trending higher. Why is LEN stock trading higher?</li> </ul> <h2>Q1 Results And Housing Metrics</h2> Lennar ( LEN ) reported adjusted earnings per share of 88 cents, missing the consensus estimate of 96 cents. In addition, it reported revenue of $6.61 billion, missing the consensus estimate of $6.88 billion. New orders increased 1% year-over-year to 18,515 homes. Deliveries decreased 5% year-over-year to 16,863 homes. The average sales price of homes delivered was $374,000, compared with $408,000 in the prior-year quarter. Lennar ( LEN ) reported a backlog of 15,588 homes with a dollar value of $6.0 billion. &#34;Our first quarter of fiscal year 2026 was defined by the same persistent headwinds that have challenged the housing market for over three years — high mortgage rates, constrained affordability, cautious consumer sentiment, and geopolitical uncertainty,&#34; said Executive Chairman and CEO Stuart Miller. <h2>Lennar Shares Edge Higher</h2> LEN Price Action: At the time of publication, Lennar ( LEN ) shares are trading 2.49% higher at $94.84, according to data from Benzinga Pro. Image via Shutterstock</div>

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Lennar Corporation (LEN) reported Q1 earnings with adjusted EPS of 88 cents, missing estimates of 96 cents, and revenue of $6.61 billion, below the $6.88 billion forecast. New orders rose 1% to 18,515 homes, while deliveries fell 5% to 16,863 homes. The average sales price dropped to $374,000 from $408,000 a year ago. The backlog stands at 15,588 homes valued at $6.0 billion. CEO Stuart Miller cited ongoing challenges in the housing market, including high mortgage rates and cautious consumer sentiment. Despite the misses, LEN shares rose 2.49% to $94.84.

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Lennar Reports Q1 Earnings: Double Miss, Deliveries Fall