Lennar again cut its home delivery target for the full year, citing interest rate pressure and worsening conditions in the housing market, as its revenue and profit fell in the third quarter.

The homebuilding company on Wednesday said it expects full-year home deliveries of between 80,000 and 81,000 homes. That is down from its previous guidance for 82,000 to 83,000 deliveries, and below the 82,300 analysts polled by FactSet were expecting.

"Consumer confidence has declined as rates and affordability have driven more consumers to slow their purchase decision," Chief Executive Officer Stuart Miller said. "Nevertheless, even while market conditions have weakened, the overall housing environment remains constructive as housing shortages continue to drive demand from both primary buyers as well as 'single-family for rent' and 'build-to-rent' buyers."

Lennar's results came hours after the Federal Reserve raised interest rates by a quarter point, the first rate hike in three years, citing persistent inflation above the central bank's target. Lennar shares closed down 2.1% at $78.36 and fell 2.6% further after-hours to $76.34.

The company reported a profit of $283.9 million, or $1.19 a share, in the quarter ended Aug. 31. That compares with a profit of $591 million, or $2.29 a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were $1.23 a share. Analysts polled by FactSet were expecting $1.28 a share.

Revenue fell to $8.05 billion from $8.81 billion a year prior. Analysts were expecting $8.32 billion in revenue.

Lennar said its deliveries during the quarter fell about 3% to 20,840 homes, with average selling prices of $372,000, down from $383,000 a year prior.

Analysts were expecting 20,960 deliveries at an average price of $377,260.

For the current fourth quarter, Lennar guided for home deliveries in a range of 22,000 to 23,000 at an average price between $370,000 and $380,000.

Analysts are expecting 24,011 deliveries at an average price of $376,620.