Investing.com -- Residential lot developer Forestar Group (NYSE:FOR) experienced a significant decline in its stock value, falling as much as 6.7% on Tuesday.
The drop came after the company reported a disappointing fiscal first quarter profit. Revenue for the company also showed a decline, falling 18% compared to the same quarter in the previous year.
The number of lots sold by the company also decreased. In the same quarter of fiscal 2024, the company sold 3,150 lots, but this number fell to 2,333 lots in the most recent quarter.
Looking ahead to fiscal 2025, the company maintains its delivery expectations. Forestar Group still plans to deliver between 16,000 and 16,500 lots during the fiscal year.
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