Lennar reported adjusted earnings per share of $0.88 for the first quarter, falling $0.07 short of analyst expectations. Revenue totaled $6.6 billion, a 13% drop from $7.6 billion a year earlier, reflecting weaker market conditions. Gross margin on home sales contracted to 15.2% from 18.7% a year earlier, driven by lower ASPs and higher incentives. Selling, general and administrative expenses rose to 9.8% of home sales revenue, contributing to a net margin of 5.3%. For the second quarter, Lennar expects to deliver between 20,000 and 21,000 homes with gross margins of 15.5% to 16% and SG&A expenses at 8.9% to 9.1% of revenue. New orders increased 1% to 18,515 units, with a backlog of 15,588 homes valued at about $6.0 billion. The company delivered 16,863 homes, a 5% decrease year-over-year, while the average selling price declined 8% to $374,000. Sales incentives averaged approximately 14% of the selling price, underscoring pricing pressure in the market.