D.R. Horton, Inc. (NYSE:DHI):
Fiscal 2024 Second Quarter Highlights - comparisons to the
prior year quarter
- Net income increased 24% to $1.2 billion or $3.52 per diluted
share
- Consolidated pre-tax income increased 23% to $1.5 billion, with
a pre-tax profit margin of 16.8%
- Consolidated revenues increased 14% to $9.1 billion
- Homes closed increased 15% to 22,548 homes and 14% in value to
$8.5 billion
- Net sales orders increased 14% to 26,456 homes and 17% in value
to $10.1 billion
- Rental operations pre-tax income of $33.3 million on $371.3
million of revenues from sales of 1,109 single-family rental homes
and 424 multi-family rental units
- Repurchased 2.7 million shares of common stock for $402.2
million and paid cash dividends of $99.2 million
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported
that net income per common share attributable to D.R. Horton for
its second fiscal quarter ended March 31, 2024 increased 29% to
$3.52 per diluted share compared to $2.73 per diluted share in the
same quarter of fiscal 2023. Net income attributable to D.R. Horton
in the second quarter of fiscal 2024 increased 24% to $1.2 billion
compared to $942.2 million in the same quarter of fiscal 2023. For
the six months ended March 31, 2024, net income per common share
attributable to D.R. Horton increased 15% to $6.34 per diluted
share compared to $5.50 per diluted share in the same period of
fiscal 2023. Net income for the six months ended March 31, 2024
increased 11% to $2.1 billion compared to $1.9 billion in the same
period of fiscal 2023.
Consolidated revenues in the second quarter of fiscal 2024
increased 14% to $9.1 billion compared to $8.0 billion in the same
quarter of fiscal 2023. For the six months ended March 31, 2024,
consolidated revenues increased 11% to $16.8 billion compared to
$15.2 billion in the same period of fiscal 2023.
The Company's return on equity (ROE) was 22.2% for the trailing
twelve months ended March 31, 2024, and homebuilding return on
inventory (ROI) was 29.9% for the same period. ROE is calculated as
net income attributable to D.R. Horton for the trailing twelve
months divided by average stockholders' equity, where average
stockholders' equity is the sum of ending stockholders' equity
balances of the trailing five quarters divided by five.
Homebuilding ROI is calculated as homebuilding pre-tax income for
the trailing twelve months divided by average inventory, where
average inventory is the sum of ending homebuilding inventory
balances for the trailing five quarters divided by five.
The Company's consolidated cash balance at March 31, 2024 was
$3.1 billion and available capacity on its credit facilities was
$2.6 billion, for total liquidity of $5.7 billion. Debt at March
31, 2024 totaled $5.9 billion, with no senior note maturities in
fiscal 2024. The Company's debt to total capital ratio at March 31,
2024 was 20.0%. Debt to total capital ratio consists of notes
payable divided by stockholders' equity plus notes payable.
Donald R. Horton, Chairman of the Board, said, “The D.R. Horton
team delivered solid results in the second fiscal quarter of 2024,
highlighted by earnings of $3.52 per diluted share. Consolidated
pre-tax income increased 23% to $1.5 billion on a 14% increase in
revenues to $9.1 billion, with a pre-tax profit margin of 16.8%.
Although inflation and mortgage interest rates remain elevated, our
net sales orders increased 46% from the first quarter and 14% from
the prior year quarter, as the supply of both new and existing
homes at affordable price points is still limited, and demographics
supporting housing demand continue to be favorable. Based on our
performance and position, we are increasing our fiscal 2024
guidance for homes closed and consolidated revenues.
“We are well-positioned with our affordable product offerings
and flexible lot supply. We are focused on maximizing returns in
each of our communities and generating consistently strong cash
flows from our homebuilding operations. Our strong liquidity and
low leverage provide us with significant financial flexibility, and
we plan to maintain our disciplined approach to investing capital
to enhance the long-term value of our company, including
consistently returning capital to our shareholders by increasing
dividends and share repurchases over time.”
Homebuilding Operations
Homebuilding revenue for the second quarter of fiscal 2024
increased 13% to $8.5 billion compared to $7.5 billion in the same
quarter of fiscal 2023. Homes closed in the quarter increased 15%
to 22,548 homes compared to 19,664 homes closed in the same quarter
of fiscal 2023. Homebuilding revenue for the first six months of
fiscal 2024 increased 11% to $15.8 billion compared to $14.2
billion in the same period of fiscal 2023. Homes closed in the
first six months of fiscal 2024 increased 13% to 41,888 homes
compared to 37,004 homes closed in the same period of fiscal
2023.
Homebuilding pre-tax income in the second quarter of fiscal 2024
was $1.4 billion with a pre-tax profit margin of 16.0% compared to
$1.1 billion of pre-tax income and a 14.3% pre-tax profit margin in
the same quarter of fiscal 2023. Homebuilding pre-tax income for
the first six months of fiscal 2024 was $2.5 billion with a pre-tax
profit margin of 15.6% compared to $2.2 billion of pre-tax income
and a 15.2% pre-tax profit margin in the same period of fiscal
2023.
During the six months ended March 31, 2024, net cash provided by
homebuilding operations was $408.3 million.
Net sales orders for the second quarter ended March 31, 2024
increased 14% to 26,456 homes and 17% in value to $10.1 billion
compared to 23,142 homes and $8.6 billion in the same quarter of
the prior year. The Company’s cancellation rate (cancelled sales
orders divided by gross sales orders) for the second quarter of
fiscal 2024 was 15% compared to 18% in the prior year quarter. Net
sales orders for the first six months of fiscal 2024 increased 22%
to 44,525 homes and 24% in value to $16.9 billion compared to
36,524 homes and $13.6 billion in the same period of fiscal 2023.
The Company's sales order backlog of homes under contract at March
31, 2024 decreased 7% to 17,873 homes and 5% in value to $7.0
billion compared to 19,237 homes and $7.4 billion at March 31,
2023.
At March 31, 2024, the Company had 45,000 homes in inventory, of
which 27,600 were unsold. 7,300 of the Company’s unsold homes at
March 31, 2024 were completed, of which 790 had been completed for
greater than six months. The Company’s homebuilding land and lot
portfolio totaled 617,200 lots at the end of the quarter, of which
23% were owned and 77% were controlled through land and lot
purchase contracts. During the three and six months ended March 31,
2024, 62% of the Company’s homes closed were on lots developed by
Forestar or third parties.
Rental Operations
The Company's rental operations generated $33.3 million of
pre-tax income on revenues of $371.3 million in the second quarter
of fiscal 2024 compared to $34.6 million of pre-tax income on
revenues of $224.1 million in the same quarter of fiscal 2023. For
the six months ended March 31, 2024, rental operations pre-tax
income was $64.6 million on revenues of $566.5 million compared to
pre-tax income of $144.9 million on revenues of $551.6 million in
the prior year period.
During the second quarter of fiscal 2024, the Company sold 1,109
single-family rental homes for $301.3 million compared to 721 homes
sold for $224.1 million in the prior year quarter. During the six
months ended March 31, 2024, the Company sold 1,488 single-family
rental homes for $417.3 million compared to 1,415 homes sold for
$452.1 million in the prior year period. At March 31, 2024, the
consolidated balance sheet included $1.3 billion of single-family
rental property inventory consisting of 5,230 homes, of which 4,450
were completed, and 2,740 lots, of which 1,070 were finished.
During the second quarter of fiscal 2024, the Company sold 424
multi-family rental units for $70.0 million compared to no units
sold in the prior year quarter. During the six months ended March
31, 2024, the Company sold 724 multi-family rental units for $149.2
million compared to 300 units sold for $99.5 million in the prior
year period. At March 31, 2024, the consolidated balance sheet
included $1.8 billion of multi-family rental property inventory
consisting of 10,990 units, of which 8,040 units were under active
construction and 2,950 units were completed.
Forestar
Forestar Group Inc. (NYSE:FOR) (“Forestar”) is a publicly traded
residential lot development company that is a majority-owned
subsidiary of D.R. Horton. Forestar’s results of operations for the
periods presented are fully consolidated in the Company’s financial
statements with the percentage not owned by the Company reported as
noncontrolling interests.
For the second quarter ended March 31, 2024, Forestar sold 3,289
lots and generated $333.8 million of revenue compared to 2,979 lots
and $301.5 million of revenue in the prior year quarter. For the
six months ended March 31, 2024, Forestar sold 6,439 lots and
generated $639.7 million of revenue compared to 5,242 lots and
$518.2 million of revenue in the prior year period. Forestar’s
pre-tax income in the second quarter of fiscal 2024 was $58.9
million with a pre-tax profit margin of 17.6% compared to $35.9
million of pre-tax income and a 11.9% pre-tax profit margin in the
same quarter of fiscal 2023. For the six months ended March 31,
2024, Forestar’s pre-tax income was $110.1 million with a pre-tax
profit margin of 17.2% compared to $63.8 million of pre-tax income
and a 12.3% pre-tax profit margin in the same period of fiscal
2023.
Financial Services
For the second quarter ended March 31, 2024, financial services
revenues were $225.6 million compared to $216.4 million in the same
quarter of fiscal 2023. Financial services pre-tax income for the
quarter was $78.0 million with a pre-tax profit margin of 34.6%
compared to $85.6 million of pre-tax income and a 39.6% pre-tax
profit margin in the prior year quarter. For the six months ended
March 31, 2024, financial services revenues were $418.2 million
compared to $353.4 million in the same period of fiscal 2023.
Financial services pre-tax income was $144.0 million with a pre-tax
profit margin of 34.4% compared to $103.8 million of pre-tax income
and a 29.4% pre-tax profit margin in the prior year period.
Dividends
During the second quarter of fiscal 2024, the Company paid cash
dividends of $99.2 million, for a total of $199.1 million of
dividends paid during the six months ended March 31, 2024.
Subsequent to quarter end, the Company declared a quarterly cash
dividend of $0.30 per common share that is payable on May 9, 2024
to stockholders of record on May 2, 2024.
Share Repurchases
The Company repurchased 2.7 million shares of common stock for
$402.2 million during the second quarter of fiscal 2024, for a
total of 6.1 million shares repurchased for $800.5 million during
the six months ended March 31, 2024. The Company’s remaining stock
repurchase authorization at March 31, 2024 was $901.1 million.
Guidance
Based on current market conditions and the Company’s results for
the first half of the year, D.R. Horton is updating its fiscal 2024
guidance as follows:
- Consolidated revenues of approximately $36.7 billion to $37.7
billion
- Homes closed by homebuilding operations of 89,000 homes to
91,000 homes
- Share repurchases of approximately $1.6 billion
- Income tax rate of approximately 23.5% to 24.0%
The Company reiterates its fiscal 2024 guidance for cash flow
provided by homebuilding operations of approximately $3.0
billion.
The Company plans to also provide guidance for its third quarter
of fiscal 2024 on its conference call today.
Conference Call and Webcast Details
The Company will host a conference call today (Thursday, April
18) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062
(reference entry code 246190), and the call will also be webcast
from the Company’s website at investor.drhorton.com.
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 1,000,000 homes in its over 45-year history. D.R.
Horton has operations in 119 markets in 33 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 the twelve-month period ended March 31,
2024, D.R. Horton closed 87,801 homes in its homebuilding
operations, in addition to 6,248 single-family rental homes and
2,536 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.
Forward-Looking Statements
Portions of this document may constitute “forward-looking
statements” as defined by the Private Securities Litigation Reform
Act of 1995. Although D.R. Horton believes any such statements are
based on reasonable assumptions, there is no assurance that actual
outcomes will not be materially different. All forward-looking
statements are based upon information available to D.R. Horton on
the date this release was issued. D.R. Horton does not undertake
any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Forward-looking statements in this release include
that we are well-positioned with our affordable product offerings
and flexible lot supply; we are focused on maximizing returns in
each of our communities and generating consistently strong cash
flows from our homebuilding operations; and our strong liquidity
and low leverage provide us with significant financial flexibility,
and we plan to maintain our disciplined approach to investing
capital to enhance the long-term value of our company, including
consistently returning capital to our shareholders by increasing
dividends and share repurchases over time. The forward-looking
statements also include all commentary in the Guidance section.
Factors that may cause the actual results to be materially
different from the future results expressed by the forward-looking
statements include, but are not limited to: the cyclical nature of
the homebuilding, rental and lot development industries and changes
in economic, real estate or other conditions; adverse developments
affecting the capital markets and financial institutions, which
could limit our ability to access capital and increase our cost of
capital and impact our liquidity and capital resources; reductions
in the availability of mortgage financing provided by government
agencies, changes in government financing programs, a decrease in
our ability to sell mortgage loans on attractive terms or an
increase in mortgage interest rates; the risks associated with our
land, lot and rental inventory; our ability to effect our growth
strategies, acquisitions, investments or other strategic
initiatives successfully; the impact of an inflationary,
deflationary or higher interest rate environment; supply shortages
and other risks of acquiring land, building materials and skilled
labor and obtaining regulatory approvals; the effects of public
health issues such as a major epidemic or pandemic on the economy
and our businesses; the effects of weather conditions and natural
disasters on our business and financial results; home warranty and
construction defect claims; the effects of health and safety
incidents; reductions in the availability of performance bonds;
increases in the costs of owning a home; the effects of information
technology failures, data security breaches, and the failure to
satisfy privacy and data protection laws and regulations; the
effects of governmental regulations and environmental matters on
our homebuilding and land development operations; the effects of
governmental regulations on our financial services operations;
competitive conditions within the industries in which we operate;
our ability to manage and service our debt and comply with related
debt covenants, restrictions and limitations; the effects of
negative publicity; the effects of the loss of key personnel; and
actions by activist stockholders. Additional information about
issues that could lead to material changes in performance is
contained in D.R. Horton’s annual report on Form 10-K and its most
recent quarterly report on Form-10-Q, both of which are filed with
the Securities and Exchange Commission.
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(UNAUDITED)
March 31,
September 30,
2024
2023
(In millions)
ASSETS
Cash and cash equivalents
$
3,063.1
$
3,873.6
Restricted cash
30.3
26.5
Total cash, cash equivalents and
restricted cash
3,093.4
3,900.1
Inventories:
Construction in progress and finished
homes
9,708.5
9,001.4
Residential land and lots — developed,
under development,
held for development and held for sale
12,053.9
10,680.6
Rental properties
3,077.6
2,691.3
Total inventory
24,840.0
22,373.3
Mortgage loans held for sale
2,672.4
2,519.9
Deferred income taxes, net of valuation
allowance of $14.7 million and $14.8 million
at March 31, 2024 and September 30, 2023,
respectively
166.5
187.2
Property and equipment, net
479.9
445.4
Other assets
2,982.5
2,993.0
Goodwill
163.5
163.5
Total assets
$
34,398.2
$
32,582.4
LIABILITIES
Accounts payable
$
1,386.5
$
1,246.2
Accrued expenses and other liabilities
2,777.4
3,103.8
Notes payable
5,937.9
5,094.5
Total liabilities
10,101.8
9,444.5
EQUITY
Common stock, $.01 par value,
1,000,000,000 shares authorized,
402,624,949 shares issued and 330,196,301
shares outstanding at March 31, 2024 and
401,202,253 shares issued and 334,848,565
shares outstanding at September 30, 2023
4.0
4.0
Additional paid-in capital
3,431.6
3,432.2
Retained earnings
25,510.2
23,589.8
Treasury stock, 72,428,648 shares and
66,353,688 shares at
March 31, 2024 and September 30, 2023,
respectively, at cost
(5,130.3
)
(4,329.8
)
Stockholders’ equity
23,815.5
22,696.2
Noncontrolling interests
480.9
441.7
Total equity
24,296.4
23,137.9
Total liabilities and equity
$
34,398.2
$
32,582.4
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended
Six Months Ended
March 31,
March 31,
2024
2023
2024
2023
(In millions, except per share
data)
Revenues
$
9,107.2
$
7,972.9
$
16,833.1
$
15,230.6
Cost of sales
6,774.3
5,996.2
12,494.0
11,287.5
Selling, general and administrative
expense
880.6
773.6
1,715.6
1,510.5
Other (income) expense
(76.2
)
(42.2
)
(152.5
)
(79.9
)
Income before income taxes
1,528.5
1,245.3
2,776.0
2,512.5
Income tax expense
344.8
295.7
636.6
594.6
Net income
1,183.7
949.6
2,139.4
1,917.9
Net income attributable to noncontrolling
interests
11.6
7.4
19.9
17.0
Net income attributable to D.R. Horton,
Inc.
$
1,172.1
$
942.2
$
2,119.5
$
1,900.9
Basic net income per common share
attributable to D.R. Horton, Inc.
$
3.54
$
2.75
$
6.38
$
5.54
Weighted average number of common
shares
330.9
342.1
332.1
343.2
Diluted net income per common share
attributable to D.R. Horton, Inc.
$
3.52
$
2.73
$
6.34
$
5.50
Adjusted weighted average number of common
shares
333.3
344.9
334.5
345.9
Other Consolidated Financial Data
Interest charged to cost of sales
$
32.8
$
34.0
$
60.8
$
62.5
Depreciation and amortization
$
21.1
$
26.7
$
41.1
$
46.5
Interest incurred
$
50.5
$
50.6
$
93.1
$
96.8
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
Six Months Ended
March 31,
2024
2023
(In millions)
OPERATING ACTIVITIES
Net income
$
2,139.4
$
1,917.9
Adjustments to reconcile net income to net
cash (used in) provided by operating activities:
Depreciation and amortization
41.1
46.5
Stock-based compensation expense
65.9
51.3
Deferred income taxes
19.9
28.7
Inventory and land option charges
19.6
51.4
Changes in operating assets and
liabilities:
(Increase) decrease in construction in
progress and finished homes
(709.1
)
537.3
Increase in residential land and lots
–
developed, under development, held for
development and held for sale
(1,371.1
)
(668.7
)
Increase in rental properties
(386.9
)
(689.2
)
Decrease in other assets
27.6
339.8
(Increase) decrease in mortgage loans held
for sale
(152.5
)
262.0
Decrease in accounts payable, accrued
expenses and other liabilities
(164.0
)
(403.4
)
Net cash (used in) provided by operating
activities
(470.1
)
1,473.6
INVESTING ACTIVITIES
Expenditures for property and
equipment
(71.3
)
(79.2
)
Proceeds from sale of assets
9.9
—
Payments related to business acquisitions,
net of cash acquired
(1.0
)
(103.5
)
Other investing activities
(3.6
)
2.1
Net cash used in investing activities
(66.0
)
(180.6
)
FINANCING ACTIVITIES
Proceeds from notes payable
985.0
575.0
Repayment of notes payable
(400.0
)
(650.0
)
Borrowings (payments) on mortgage
repurchase facilities, net
214.4
(63.4
)
Proceeds from stock associated with
certain employee benefit plans
12.2
12.9
Cash paid for shares withheld for
taxes
(81.6
)
(55.8
)
Cash dividends paid
(199.1
)
(171.7
)
Repurchases of common stock
(794.5
)
(419.8
)
Net proceeds from issuance of Forestar
common stock
19.7
—
Net other financing activities
(26.7
)
(18.5
)
Net cash used in financing activities
(270.6
)
(791.3
)
Net (decrease) increase in cash, cash
equivalents and restricted cash
(806.7
)
501.7
Cash, cash equivalents and restricted cash
at beginning of period
3,900.1
2,572.9
Cash, cash equivalents and restricted cash
at end of period
$
3,093.4
$
3,074.6
SUPPLEMENTAL DISCLOSURES OF NON-CASH
ACTIVITIES:
Notes payable issued for inventory
$
18.9
$
31.2
Stock issued under employee incentive
plans
$
151.3
$
107.4
D.R. HORTON, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
March 31, 2024
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Assets
Cash and cash equivalents
$
2,192.6
$
117.0
$
416.2
$
315.2
$
22.1
$
3,063.1
Restricted cash
6.7
2.5
—
21.1
—
30.3
Inventories:
Construction in progress and finished
homes
9,847.5
—
—
—
(139.0
)
9,708.5
Residential land and lots
10,082.3
—
2,115.9
—
(144.3
)
12,053.9
Rental properties
—
3,092.8
—
—
(15.2
)
3,077.6
19,929.8
3,092.8
2,115.9
—
(298.5
)
24,840.0
Mortgage loans held for sale
—
—
—
2,672.4
—
2,672.4
Deferred income taxes, net
209.1
(19.9
)
—
—
(22.7
)
166.5
Property and equipment, net
449.8
2.0
6.1
3.9
18.1
479.9
Other assets
2,630.1
33.6
60.5
200.7
57.6
2,982.5
Goodwill
134.3
—
—
—
29.2
163.5
$
25,552.4
$
3,228.0
$
2,598.7
$
3,213.3
$
(194.2
)
$
34,398.2
Liabilities
Accounts payable
$
1,120.0
$
387.1
$
61.7
$
0.1
$
(182.4
)
$
1,386.5
Accrued expenses and other liabilities
2,434.5
36.4
358.3
227.8
(279.6
)
2,777.4
Notes payable
2,363.2
985.0
705.7
1,884.0
—
5,937.9
$
5,917.7
$
1,408.5
$
1,125.7
$
2,111.9
$
(462.0
)
$
10,101.8
September 30, 2023
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Assets
Cash and cash equivalents
$
2,920.2
$
136.1
$
616.0
$
189.1
$
12.2
$
3,873.6
Restricted cash
6.5
3.3
—
16.7
—
26.5
Inventories:
Construction in progress and finished
homes
9,134.3
—
—
—
(132.9
)
9,001.4
Residential land and lots
9,021.5
—
1,790.3
—
(131.2
)
10,680.6
Rental properties
—
2,708.4
—
—
(17.1
)
2,691.3
18,155.8
2,708.4
1,790.3
—
(281.2
)
22,373.3
Mortgage loans held for sale
—
—
—
2,519.9
—
2,519.9
Deferred income taxes, net
229.8
(19.9
)
—
—
(22.7
)
187.2
Property and equipment, net
415.0
2.4
5.9
4.1
18.0
445.4
Other assets
2,838.5
29.8
58.5
250.3
(184.1
)
2,993.0
Goodwill
134.3
—
—
—
29.2
163.5
$
24,700.1
$
2,860.1
$
2,470.7
$
2,980.1
$
(428.6
)
$
32,582.4
Liabilities
Accounts payable
$
1,033.7
$
698.6
$
68.4
$
0.1
$
(554.6
)
$
1,246.2
Accrued expenses and other liabilities
2,585.5
43.2
337.4
280.4
(142.7
)
3,103.8
Notes payable
2,329.9
400.0
695.0
1,669.6
—
5,094.5
$
5,949.1
$
1,141.8
$
1,100.8
$
1,950.1
$
(697.3
)
$
9,444.5
_________________
(1)
Amounts include the balances of the
Company's other businesses, the elimination of intercompany
transactions and, to a lesser extent, purchase accounting
adjustments.
D.R. HORTON, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
Three Months Ended March 31,
2024
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Revenues
Home sales
$
8,466.7
$
—
$
—
$
—
$
—
$
8,466.7
Land/lot sales and other
6.9
—
333.8
—
(297.1
)
43.6
Rental property sales
—
371.3
—
—
—
371.3
Financial services
—
—
—
225.6
—
225.6
8,473.6
371.3
333.8
225.6
(297.1
)
9,107.2
Cost of sales
Home sales (2)
6,505.6
—
—
—
(68.3
)
6,437.3
Land/lot sales and other
4.2
—
250.5
—
(234.1
)
20.6
Rental property sales
—
302.8
—
—
—
302.8
Inventory and land option charges
13.1
0.3
0.2
—
—
13.6
6,522.9
303.1
250.7
—
(302.4
)
6,774.3
Selling, general and administrative
expense
614.1
61.4
29.2
171.2
4.7
880.6
Other (income) expense
(21.0
)
(26.5
)
(5.0
)
(23.6
)
(0.1
)
(76.2
)
Income before income taxes
$
1,357.6
$
33.3
$
58.9
$
78.0
$
0.7
$
1,528.5
Six Months Ended March 31,
2024
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Revenues
Home sales
$
15,743.1
$
—
$
—
$
—
$
—
$
15,743.1
Land/lot sales and other
27.2
—
639.7
—
(561.6
)
105.3
Rental property sales
—
566.5
—
—
—
566.5
Financial services
—
—
—
418.2
—
418.2
15,770.3
566.5
639.7
418.2
(561.6
)
16,833.1
Cost of sales
Home sales (2)
12,113.6
—
—
—
(122.5
)
11,991.1
Land/lot sales and other
17.3
—
483.4
—
(456.7
)
44.0
Rental property sales
—
444.1
—
—
(4.8
)
439.3
Inventory and land option charges
18.6
0.6
0.4
—
—
19.6
12,149.5
444.7
483.8
—
(584.0
)
12,494.0
Selling, general and administrative
expense
1,217.5
108.8
57.2
322.7
9.4
1,715.6
Other (income) expense
(50.4
)
(51.6
)
(11.4
)
(48.5
)
9.4
(152.5
)
Income before income taxes
$
2,453.7
$
64.6
$
110.1
$
144.0
$
3.6
$
2,776.0
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
408.3
$
(653.9
)
$
(216.0
)
$
(40.7
)
$
32.2
$
(470.1
)
_____________________
(1)
Amounts include the results of the Company's other businesses
and the elimination of intercompany transactions.
(2)
Amount in the Eliminations and Other column represents the
recognition of profit on lots sold from Forestar to the
homebuilding segment. Intercompany profit is eliminated in the
consolidated financial statements when Forestar sells lots to the
homebuilding segment and is recognized in the consolidated
financial statements when the homebuilding segment closes homes on
the lots to homebuyers.
D.R. HORTON, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
Three Months Ended March 31,
2023
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Revenues
Home sales
$
7,449.7
$
—
$
—
$
—
$
—
$
7,449.7
Land/lot sales and other
19.9
—
301.5
—
(238.7
)
82.7
Rental property sales
—
224.1
—
—
—
224.1
Financial services
—
—
—
216.4
—
216.4
7,469.6
224.1
301.5
216.4
(238.7
)
7,972.9
Cost of sales
Home sales (2)
5,843.0
—
—
—
(61.8
)
5,781.2
Land/lot sales and other
13.4
—
225.3
—
(204.3
)
34.4
Rental property sales
—
157.6
—
—
(0.8
)
156.8
Inventory and land option charges
14.2
0.4
20.3
—
(11.1
)
23.8
5,870.6
158.0
245.6
—
(278.0
)
5,996.2
Selling, general and administrative
expense
545.6
53.5
22.0
146.9
5.6
773.6
Other (income) expense
(14.5
)
(22.0
)
(2.0
)
(16.1
)
12.4
(42.2
)
Income before income taxes
$
1,067.9
$
34.6
$
35.9
$
85.6
$
21.3
$
1,245.3
Six Months Ended March 31,
2023
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Revenues
Home sales
$
14,158.9
$
—
$
—
$
—
$
—
$
14,158.9
Land/lot sales and other
54.7
—
518.2
—
(406.2
)
166.7
Rental property sales
—
551.6
—
—
—
551.6
Financial services
—
—
—
353.4
—
353.4
14,213.6
551.6
518.2
353.4
(406.2
)
15,230.6
Cost of sales
Home sales (2)
10,949.7
—
—
—
(110.9
)
10,838.8
Land/lot sales and other
18.3
—
392.1
—
(352.1
)
58.3
Rental property sales
—
341.4
—
—
(2.4
)
339.0
Inventory and land option charges
38.4
1.4
22.7
—
(11.1
)
51.4
11,006.4
342.8
414.8
—
(476.5
)
11,287.5
Selling, general and administrative
expense
1,072.6
101.0
44.9
281.0
11.0
1,510.5
Other (income) expense
(27.7
)
(37.1
)
(5.3
)
(31.4
)
21.6
(79.9
)
Income before income taxes
$
2,162.3
$
144.9
$
63.8
$
103.8
$
37.7
$
2,512.5
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
1,456.4
$
(263.3
)
$
21.3
$
232.2
$
27.0
$
1,473.6
_____________________
(1)
Amounts include the results of the Company's other businesses
and the elimination of intercompany transactions.
(2)
Amount in the Eliminations and Other column represents the
recognition of profit on lots sold from Forestar to the
homebuilding segment. Intercompany profit is eliminated in the
consolidated financial statements when Forestar sells lots to the
homebuilding segment and is recognized in the consolidated
financial statements when the homebuilding segment closes homes on
the lots to homebuyers.
D.R. HORTON, INC. AND
SUBSIDIARIES
SALES, CLOSINGS AND
BACKLOG
HOMEBUILDING SEGMENT
(Dollars in millions)
NET SALES ORDERS
Three Months Ended March
31,
Six Months Ended March
31,
2024
2023
2024
2023
Homes
Value
Homes
Value
Homes
Value
Homes
Value
Northwest
1,617
$
833.1
1,379
$
724.1
2,796
$
1,428.9
2,283
$
1,183.9
Southwest
3,068
1,512.3
1,995
953.7
5,231
2,547.3
3,249
1,534.2
South Central
7,021
2,287.2
6,021
1,941.5
11,853
3,841.8
9,827
3,115.6
Southeast
6,985
2,489.8
6,679
2,397.5
11,786
4,194.9
10,596
3,789.9
East
4,978
1,785.1
4,482
1,570.8
8,279
2,960.3
6,795
2,416.4
North
2,787
1,155.7
2,586
1,042.3
4,580
1,879.5
3,774
1,513.2
26,456
$
10,063.2
23,142
$
8,629.9
44,525
$
16,852.7
36,524
$
13,553.2
HOMES CLOSED
Three Months Ended March
31,
Six Months Ended March
31,
2024
2023
2024
2023
Homes
Value
Homes
Value
Homes
Value
Homes
Value
Northwest
1,476
$
739.9
1,280
$
690.7
2,610
$
1,313.6
2,262
$
1,210.8
Southwest
2,665
1,282.9
1,873
905.5
4,883
2,334.2
3,580
1,708.2
South Central
6,098
1,958.4
5,579
1,804.1
11,219
3,622.4
10,416
3,440.2
Southeast
6,118
2,185.2
5,751
2,104.6
11,612
4,175.4
11,038
4,099.1
East
4,060
1,441.1
3,352
1,206.3
7,641
2,709.1
6,367
2,349.7
North
2,131
859.2
1,829
738.5
3,923
1,588.4
3,341
1,350.9
22,548
$
8,466.7
19,664
$
7,449.7
41,888
$
15,743.1
37,004
$
14,158.9
SALES ORDER BACKLOG
As of March 31,
2024
2023
Homes
Value
Homes
Value
Northwest
733
$
393.3
745
$
400.1
Southwest
1,755
894.4
1,429
731.0
South Central
4,261
1,446.0
5,206
1,757.7
Southeast
4,990
1,893.1
6,541
2,478.3
East
4,019
1,503.7
3,514
1,281.5
North
2,115
908.8
1,802
751.4
17,873
$
7,039.3
19,237
$
7,400.0
D.R. HORTON, INC. AND
SUBSIDIARIES
LAND AND LOT POSITION AND
HOMES IN INVENTORY
HOMEBUILDING SEGMENT
LAND AND LOT POSITION
March 31, 2024
September 30, 2023
Land/Lots
Owned
Lots Controlled
Through
Land and Lot
Purchase
Contracts (1)
Total
Land/Lots
Owned and
Controlled
Land/Lots
Owned
Lots Controlled
Through
Land and Lot
Purchase
Contracts (1)
Total
Land/Lots
Owned and
Controlled
Northwest
13,200
19,500
32,700
14,100
20,300
34,400
Southwest
22,000
27,700
49,700
22,600
30,500
53,100
South Central
35,800
108,800
144,600
36,700
69,500
106,200
Southeast
28,200
134,000
162,200
24,700
132,900
157,600
East
29,600
125,800
155,400
27,700
118,400
146,100
North
15,100
57,500
72,600
15,300
55,700
71,000
143,900
473,300
617,200
141,100
427,300
568,400
23
%
77
%
100
%
25
%
75
%
100
%
_____________________
(1)
Lots controlled at March 31, 2024 included
approximately 34,300 lots owned or controlled by Forestar, 17,300
of which our homebuilding divisions had under contract to purchase
and 17,000 of which our homebuilding divisions had a right of first
offer to purchase. Lots controlled at September 30, 2023 included
approximately 31,400 lots owned or controlled by Forestar, 14,400
of which our homebuilding divisions had under contract to purchase
and 17,000 of which our homebuilding divisions had a right of first
offer to purchase.
HOMES IN INVENTORY (1)
March 31, 2024
September 30, 2023
Northwest
2,800
2,800
Southwest
4,500
4,700
South Central
11,900
10,800
Southeast
12,200
12,100
East
8,500
7,100
North
5,100
4,500
45,000
42,000
_____________________
(1)
Homes in inventory exclude model homes and
homes related to our rental operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240418405474/en/
D.R. Horton, Inc. Jessica Hansen, 817-390-8200 Senior Vice
President - Communications InvestorRelations@drhorton.com
D R Horton (NYSE:DHI)
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