Tue, Jul 23, 5:52 PM (46 days ago)
D.R. Horton, Inc.'s quarterly report for the period ending June 30, 2024, highlights solid financial performance and operational metrics. Key points include: 1. **Revenue and Earnings**: Consolidated revenues increased by 7% year-over-year to $26.8 billion. Net income rose to $3.5 billion, with diluted earnings per share up 11% to $10.43. 2. **Homebuilding Performance**: Homebuilding revenues increased by 9% to $25.0 billion, driven by a 10% rise in homes closed. The average selling price of homes closed slightly decreased by 1% to $378,200. The gross margin on home sales improved to 23.4%. 3. **Orders and Backlog**: Net sales orders increased by 14% in units and 15% in value. However, the sales order backlog decreased by 12% in both units and value. 4. **Inventory and Lots**: The total number of owned and controlled lots increased to 630,200 from 568,400 at the end of September 2023. Homes in inventory increased to 42,600. 5. **Cash and Debt**: Homebuilding cash and cash equivalents stood at $2.2 billion. Homebuilding debt decreased to $2.26 billion from $2.33 billion at the end of September 2023. 6. **Segment Performance**: The rental segment's revenues were $980.2 million, with a pre-tax income of $128.8 million. Forestar's revenues were $958.0 million, with pre-tax income of $161.6 million. 7. **Liquidity**: The company maintains robust liquidity with significant cash reserves and available capacity under its revolving credit facilities. Overall, D.R. Horton continues to demonstrate strong financial health and operational efficiency despite economic challenges, positioning itself well for future growth.