Lennar Corp (NYSE:LEN) reported financial results for the third quarter after the market close on Wednesday. Here’s a look at the key details from the report.

• Lennar stock is showing downward bias. Where is LEN stock headed?

Lennar Q3 Highlights

Lennar reported third-quarter revenue of $8.05 billion, missing analyst estimates of $8.31 billion, according to Benzinga Pro. The U.S. homebuilder reported adjusted earnings of $1.23 ($1.19 GAAP) per share for the quarter, missing estimates of $1.30 per share. 

“While our earnings of $1.19 per share were below expectations, they reflect the nature of the environment in which we are operating, which has deteriorated since our last earnings call,” said Stuart Miller, executive chairman, president and CEO of Lennar.

New orders decreased 9% year-over-year to 20,879 homes, and deliveries fell 3% year-over-year to 20,840 homes. Lennar said revenue from home sales fell 6% in the quarter to $7.7 billion. The company reported a 15.8% gross margin on home sales.

The homebuilder ended the period with a backlog of 16,857 homes, valued at approximately $6.3 billion.

Lennar expects new orders in the fourth quarter to be between 19,500 and 20,500. The company also expects to deliver 22,000 to 23,000 homes in the fourth quarter at an average sales price of $370,000 to $380,000, versus an average sales price of $372,000 in the third quarter.

Lennar management will further discuss the quarter on an earnings call at 11 a.m. ET Thursday morning.

LEN Stock Slides After Earnings

LEN Price Action: Lennar shares were down 2.51% in after-hours, trading at $76.40 at the time of publication on Wednesday, according to Benzinga Pro.

Photo: Piotr Swat via Shutterstock.com