Lennar (LEN) late Thursday reported fiscal Q1 adjusted net income of $2.14 per diluted share, down from $2.58 a year earlier.

Analysts polled by FactSet, on average, expected $1.71.

Total revenue for the quarter ended Feb. 28 was $7.63 billion, compared with $7.31 billion a year earlier.

Analysts expected $7.43 billion.

Lennar shares were slipping more than 3% in after-hours session.