Lennar Corporation reported strong third-quarter earnings, with profits rising to $1.16 billion, or $4.26 per share, surpassing analysts' expectations of $3.63 per share. Revenue for the quarter increased by 7.9% year-on-year to $9.42 billion, driven by a favorable economic environment and a chronic housing supply shortage. The company noted a 16% increase in deliveries and a 5% rise in new orders compared to the previous year, despite ongoing affordability challenges. However, Lennar's stock fell 3.7% in after-hours trading due to disappointing guidance for fourth-quarter gross margins, which are expected to lag analyst estimates. The backlog was reported at $7.7 billion, down 21.9% year-on-year, missing expectations. Executive Chairman Stuart Miller attributed the success to strong employment and household formation, alongside effective sales incentives.