Summary by Moomoo AI
D.R. Horton reported a 5% increase in earnings per share to $4.10 for Q3 FY2024. Net income rose 1% to $1.35B on revenues of $10.0B, up 2% YoY. Homes closed increased 5% to 24,155 units, while net sales orders grew 1% to 23,001 homes.The company's homebuilding pre-tax income rose 7% to $1.6B with a 17.0% margin. Rental operations generated $64.2M in pre-tax income on $413.7M revenue. D.R. Horton repurchased 3.0M shares for $441.4M and paid $98.5M in dividends during Q3.Based on current market conditions, D.R. Horton updated its FY2024 guidance, projecting consolidated revenues of $36.8B to $37.2B and homebuilding closings of 90,000 to 90,500 homes. The company also announced a new $4.0B share repurchase authorization, reflecting its strong financial position and expected increased cash flows.
