<p>莱纳公司（NYSE: LEN）的股票在周四下跌了 2%。过去三个月，该股下跌了 17%。尽管利率有所降低，但这家房屋建筑商在 2025 年第四季度的收入和利润仍然下降，因为它继续面临住房市场的挑战。公司一直专注于维持销售量和降低成本，以适应动态的市场环境。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Lennar-4Q25.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="768" original-src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Lennar-4Q25.png"/></p>
<h2><strong>收入和盈利下降</strong></h2>
<p>在 2025 年第四季度，莱纳的收入同比下降 5%，降至 94 亿美元。在 GAAP 基础上，每股收益下降 52%，至 1.93 美元，而调整后的每股收益较去年下降 50%，为 2.03 美元。</p>
<p>莱纳公司 2025 年第四季度盈利信息图</p>
<h2><strong>利率未能提供缓解</strong></h2>
<p>在其盈利电话会议上，莱纳曾提到利率下降可能预示着住房市场的复苏，但由于可负担性限制和消费者信心疲软，这一情况并未发生。尽管抵押贷款利率略有缓和，但通胀压力和对工作安全的担忧使购房者望而却步。十月到十一月的政府关门加剧了悲观情绪。</p>
<p>莱纳的第四季度业绩受到这些低迷市场条件和可负担性问题的影响。公司在维持销售量方面面临困难，不得不提供额外的激励措施以实现销售进度，避免库存积压。这反过来又损害了其利润率。</p>
<p>在第四季度，新订单增加了 18%，达到 20,018 套房，交付量上升 4%，达到 23,034 套房，但由于市场条件疲软和更高的激励措施推动销售，平均销售价格下降了 10%，降至 386,000 美元。毛利率从去年的 22.1% 降至本季度的 17%。</p>
<p>莱纳一直专注于增加住房供应，同时降低成本以支持可负担性。公司相信，当需求最终因低利率或政府赞助的项目而得到提升时，它将处于提供可负担住房的良好位置。</p>
<p>莱纳预计其利润率将继续承压，销售和交付在下个季度将季节性偏低。然而，公司预计在复苏最终发生时，将受益于其较低的成本结构、高效的产品供应和强大的市场地位。</p>
<h2><strong>谨慎的指引</strong></h2>
<p>由于运营环境的不确定性，莱纳对 2026 年第一季度的指引有限。公司预计新订单将在 18,000 至 19,000 套房之间，交付量将在 17,000 至 18,000 套房之间。预计平均销售价格为 365,000 至 375,000 美元。毛利率预计在第一季度将较低，范围在 15% 至 16% 之间。</p>
<p>莱纳（LEN）继续与顽固的困难住房市场作斗争的文章首次出现在 AlphaStreet 上。</p>

莱纳房产-A

莱纳房产-B

<p>莱纳房产公司（NYSE: LEN）面临着一个充满挑战的住房市场，2025 年第四季度的收入下降了 5%，降至 94 亿美元，GAAP 每股收益下降了 52%，为 1.93 美元。尽管利率降低，但可负担性问题和疲弱的消费者信心依然存在。莱纳的股票在三个月内下跌了 17%，周四股价下跌了 2%。该公司预计下个季度将继续面临利润压力和销售疲软，专注于成本降低和高效的产品供应</p>

<p>Shares of Lennar Corporation (NYSE: LEN) were down 2% on Thursday. The stock has dropped 17% over the past three months. The homebuilder saw its revenues and profits decline in the fourth quarter of 2025 as it continued to face headwinds from a housing market that remained challenging despite the reduction in interest rates. The company has been focusing on maintaining volume and reducing costs as it adapts to the dynamic market conditions.</p>
<div class="lb-trans"><p>莱纳公司（NYSE: LEN）的股票在周四下跌了 2%。过去三个月，该股下跌了 17%。尽管利率有所降低，但这家房屋建筑商在 2025 年第四季度的收入和利润仍然下降，因为它继续面临住房市场的挑战。公司一直专注于维持销售量和降低成本，以适应动态的市场环境。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Lennar-4Q25.png" alt="" original-src="https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Lennar-4Q25.png"/></p>
<h2><strong>Decline in revenue and earnings</strong></h2>
<div class="lb-trans"><h2><strong>收入和盈利下降</strong></h2>
</div><p>In the fourth quarter of 2025, Lennar’s revenues decreased 5% year-over-year to $9.4 billion. On a GAAP basis, earnings per share declined 52% to $1.93, while adjusted EPS fell 50% to $2.03 compared to the previous year.</p>
<div class="lb-trans"><p>在 2025 年第四季度，莱纳的收入同比下降 5%，降至 94 亿美元。在 GAAP 基础上，每股收益下降 52%，至 1.93 美元，而调整后的每股收益较去年下降 50%，为 2.03 美元。</p>
</div><p>Lennar Corporation Q4 2025 Earnings Infographic</p>
<div class="lb-trans"><p>莱纳公司 2025 年第四季度盈利信息图</p>
</div><h2><strong>Interest rates fail to provide relief</strong></h2>
<div class="lb-trans"><h2><strong>利率未能提供缓解</strong></h2>
</div><p>As stated on its earnings call, Lennar had previously mentioned that a decline in interest rates could point to a recovery in the housing market but this did not happen due to affordability constraints and a weak consumer sentiment. Even though mortgage rates witnessed a slight moderation, inflationary pressures and concerns over job security held homebuyers back. The October-November government shutdown exacerbated the bleak sentiment.</p>
<div class="lb-trans"><p>在其盈利电话会议上，莱纳曾提到利率下降可能预示着住房市场的复苏，但由于可负担性限制和消费者信心疲软，这一情况并未发生。尽管抵押贷款利率略有缓和，但通胀压力和对工作安全的担忧使购房者望而却步。十月到十一月的政府关门加剧了悲观情绪。</p>
</div><p>Lennar’s fourth quarter performance was impacted by these subdued market conditions and affordability concerns. The company faced difficulty in maintaining sales volume and had to provide additional incentives to achieve its sales pace and avoid building up inventory. This in turn hurt its margins.</p>
<div class="lb-trans"><p>莱纳的第四季度业绩受到这些低迷市场条件和可负担性问题的影响。公司在维持销售量方面面临困难，不得不提供额外的激励措施以实现销售进度，避免库存积压。这反过来又损害了其利润率。</p>
</div><p>In Q4, new orders increased 18% to 20,018 homes and deliveries were up 4% to 23,034 homes, but average sales price decreased 10% to $386,000 due to soft market conditions and higher use of incentives to drive sales. Gross margin fell to 17% in the quarter from 22.1% last year.</p>
<div class="lb-trans"><p>在第四季度，新订单增加了 18%，达到 20,018 套房，交付量上升 4%，达到 23,034 套房，但由于市场条件疲软和更高的激励措施推动销售，平均销售价格下降了 10%，降至 386,000 美元。毛利率从去年的 22.1% 降至本季度的 17%。</p>
</div><p>LEN has been focusing on increasing housing supply while also reducing costs to support affordability. The company believes it is well-positioned to provide an affordable supply of homes when demand is finally boosted by low interest rates or government-sponsored programs.</p>
<div class="lb-trans"><p>莱纳一直专注于增加住房供应，同时降低成本以支持可负担性。公司相信，当需求最终因低利率或政府赞助的项目而得到提升时，它将处于提供可负担住房的良好位置。</p>
</div><p>LEN expects its margins to remain pressured and sales and closings to be seasonally light next quarter. However, the company expects to benefit from its lower cost structure, efficient product offerings and strong market positions when a recovery finally takes place.</p>
<div class="lb-trans"><p>莱纳预计其利润率将继续承压，销售和交付在下个季度将季节性偏低。然而，公司预计在复苏最终发生时，将受益于其较低的成本结构、高效的产品供应和强大的市场地位。</p>
</div><h2><strong>Light guidance</strong></h2>
<div class="lb-trans"><h2><strong>谨慎的指引</strong></h2>
</div><p>Due to the prevailing uncertainty in the operating environment, Lennar has given limited guidance for the first quarter of 2026. The company expects new orders to range between 18,000-19,000 homes and deliveries to range between 17,000-18,000 homes. Average sales price is expected to be $365,000-375,000. Gross margin is expected to be lower in Q1, ranging between 15-16%.</p>
<div class="lb-trans"><p>由于运营环境的不确定性，莱纳对 2026 年第一季度的指引有限。公司预计新订单将在 18,000 至 19,000 套房之间，交付量将在 17,000 至 18,000 套房之间。预计平均销售价格为 365,000 至 375,000 美元。毛利率预计在第一季度将较低，范围在 15% 至 16% 之间。</p>
</div><p>The post Lennar (LEN) continues to battle a stubbornly difficult housing market first appeared on AlphaStreet.</p>
<div class="lb-trans"><p>莱纳（LEN）继续与顽固的困难住房市场作斗争的文章首次出现在 AlphaStreet 上。</p>
</div>

莱纳房产-A (LEN) 仍在与异常艰难的房地产市场进行抗争