Forestar Group hits two year low after Q2 rev miss, lowered FY forecast

Shares of residential lot developer Forestar Group FOR.N fall nearly 5% to two year low of $18.14 after co misses Q2 revenue estimate and cuts its FY revenue forecast

Co reports Q2 rev of $351 mln vs analysts' estimate of $379.6 mln, according to LSEG data

FOR reports lower Q2 EPS of $0.62 vs $0.89 last year

"Home affordability constraints and declining consumer confidence continue to impact the pace of new home sales, resulting in a slower than expected start to the spring selling season," Chairman Donald J. Tomnitz says

Co cuts 2025 delivery forecast to between 15,000 and 15,500 lots, generating rev of $1.5 bln - $1.55 bln from between 16,000 and 16,500 lots, generating rev of $1.6 bln - $1.65

As of last close, stock has fallen 28.78% YTD