Lennar, KB Home, General Motors, and more
linar (flexible): Shares fell after the homebuilder reported that third-quarter results were hit by higher rates. Revenue totaled $8.9 billion for the quarter, below Wall Street estimates of $9.04 billion. Net earnings per diluted share rose 11% to $5.03.
New orders fell 12% to 14,366 homes as mortgage rates continued to rise. Despite the slowdown, Lennar CEO Stuart Miller remained upbeat, writing in the statement, “It is clear that sales have been affected by higher interest rates, but there is still a significant housing shortage nationwide, especially workforce housing, and no Demand remains strong as we navigate the rebalancing of price and interest rates.”
KB main (KBH): Shares tumbled in extended trading after the homebuilder reported third-quarter deliveries that missed Wall Street estimates. KB Home noted ongoing supply chain constraints as a headwind during the quarter and warned that these issues could affect fourth-quarter results. Chairman and CEO Jeffrey Mezger noted that “the combination of high mortgage rates, persistent inflation, and other macro concerns has put many potential buyers off their home buying decision.” KB Home reported third-quarter earnings of $2.67 on revenue of $1.87 billion.
general motors (GM): General Motors is closing reservations on the GMC Hummer electric pickup and GMC Hummer SUV after more than 90,000 vehicles are booked, according to CNBC. Bookings currently extend through 2024.
steel case (SC): The office furniture maker missed second-quarter revenue and issued weaker-than-expected guidance for the third quarter, sending shares lower after hours. Steelcase announced additional planned spending cuts, including canceling up to 180 positions, and slashing its quarterly earnings due to an “uncertain demand environment.” Shares are down 21% since the start of the year.
Click here for the latest trending stock indices for Yahoo Finance
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for apple or Android
Follow Yahoo Finance on TwitterAnd the FacebookAnd the InstagramAnd the FlipboardAnd the LinkedInAnd the Youtube