Lennar slides after lower Q3 profit, weak home price outlook

As of the last close, the stock was down 23.8% year to date.

CEO Stuart Miller said the quarterly profits that came "below expectations" reflected the challenging economic environment, "which has deteriorated" since last quarter.

• Shares of homebuilder Lennar LEN.N fall 3% to $76.1 premarket.
• The company posts third-quarter net profit of $283.9 million, or $1.19 per share, compared with last year's nearly $591 million, or $2.29 a share.
• Lennar reports third-quarter revenue of $8 billion, compared with analysts' estimates of $8.31 billion.

Lennar forecasts average home sales prices for the fourth quarter between $370,000 and $380,000 per unit, below analysts' estimates of $383,610, according to data compiled by LSEG.