Lennar's quarterly profit and revenue missed Wall Street estimates on Wednesday, as bad weather hurt deliveries of ordered homes by the U.S.'s second largest homebuilder.
The company delivered 8,820 homes in the quarter, below its forecast of 9,000 to 9,500 homes, and said deliveries were affected by weather issues across the country.
U.S. homebuilding fell more than expected in February as construction of single-family homes dropped to a near two-year low, offering more evidence of a sharp slowdown in economic activity.
"We continued to see choppiness in the marketplace during our first quarter...mortgage interest rates subsided and ultimately pulled back and home prices moderated providing a catalyst for the new home market to correct itself," Lennar Executive Chairman Stuart Miller said.
The homebuilder said orders rose 23.7 percent to 10,463 homes in the quarter ended Feb.28.
Total revenue up 29.7 percent to $3.87 billion.
Net income rose to $239.9 million, or 74 cents per share, in the quarter, from $136.2 million, or 53 cents per share, a year earlier.
Analysts on average had expected revenue of $4.11 billion and earnings per share of 75 cents, according to Refinitiv data.
