October 29, 2024 - $D.R. Horton (DHI.US)$ shares dropped 12% after reporting earnings and revenue Tuesday that came in below estimates. Earnings were $3.92/share compared to estimates of $4.17 on revenue of $10B compared to estimates of $10.22B. The single family home bulder was the lowest decliner on the S&P 500.
Q4 Highlights
Earnings per diluted share were $3.92 on net income of $1.3 billion.
Consolidated pre-tax income of $1.7 billion, with a pre-tax profit margin of 17.1%.
Consolidated revenues of $10.0 billion.Home sales revenues of $8.9 billion on 23,647 homes closed.
Guidance
Based on current market conditions, D.R. Horton is providing initial guidance for fiscal 2025 including:
Consolidated revenues of approximately $36.0 billion to $37.5 billion.
Homes closed by homebuilding operations of 90,000 homes to 92,000 homesConsolidated revenues of approximately $36.0 billion to $37.5 billion.
Income tax rate of approximately 24.5%.
Consolidated cash flow provided by operations greater than fiscal 2024.
Share repurchases of approximately $2.4 billion and dividend payments of approximately $500 million.
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in the United States since 2002 and has closed more than 1,100,000 homes in its 46-year history. D.R. Horton has operations in 125 markets in 36 states across the United States and is engaged in the construction and sale of high-quality homes through its diverse product portfolio with sales prices generally ranging from $200,000 to over $1,000,000. The Company also constructs and sells both single-family and multi-family rental properties. During its fiscal year ended September 30, 2024, D.R. Horton closed 89,690 homes in its homebuilding operations, in addition to 3,970 single-family rental homes and 2,202 multi-family rental units in its rental operations. D.R. Horton also provides mortgage financing, title services and insurance agency services for its homebuyers and is the majority-owner of Forestar Group Inc., a publicly traded national residential lot development company
