Lennar (NYSE:LEN) shares fell in Friday premarket trading despite the homebuilder beating expectations on the top and bottom lines with its fourth-quarter results.
The dip reversed some of the stock’s 6.7% gain during Thursday's trading session.
Lennar posted adjusted earnings of $5.17 per share on revenue of $10.97 billion, above Street expectations of $4.64 per share on revenue of $10.34 billion.
For the full year, the home construction company reported revenue of $34.23 billion.
“We are pleased to report another strong quarter and year-end, against the backdrop of evolving, though constructive, market conditions,” co-CEO Stuart Miller said in a statement. “During our fourth quarter, the economic environment shifted as interest rates rose for most of the quarter, and then subsided.”
Ahead of the opening bell, Lennar's shares were down 1.2% at $151.99.
~Updated with latest share price movement~