D.R. Horton, Inc., America's Builder, Reports Fiscal 2024 Second Quarter Earnings and Declares Quarterly Dividend of $0.30 Per Share
- Net income increased by 24% to $1.2 billion in the fiscal 2024 second quarter.
- Consolidated revenues rose by 14% to $9.1 billion compared to the prior year quarter.
- Declared a quarterly dividend of $0.30 per share.
- Homebuilding revenue increased by 13% to $8.5 billion with 22,548 homes closed.
- Rental operations generated $33.3 million in pre-tax income.
- Forestar sold 3,289 lots and generated $333.8 million in revenue.
- Financial services revenue was $225.6 million.
- Repurchased 2.7 million shares of common stock for $402.2 million.
- Updated fiscal 2024 guidance with consolidated revenues of $36.7 billion to $37.7 billion and homes closed by homebuilding operations of 89,000 to 91,000 homes.
- None.
Fiscal 2024 Second Quarter Highlights - comparisons to the prior year quarter
-
Net income increased
24% to$1.2 billion $3.52 -
Consolidated pre-tax income increased
23% to$1.5 billion 16.8% -
Consolidated revenues increased
14% to$9.1 billion -
Homes closed increased
15% to 22,548 homes and14% in value to$8.5 billion -
Net sales orders increased
14% to 26,456 homes and17% in value to$10.1 billion -
Rental operations pre-tax income of
$33.3 million $371.3 million -
Repurchased 2.7 million shares of common stock for
$402.2 million $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
Consolidated revenues in the second quarter of fiscal 2024 increased
The Company's return on equity (ROE) was
The Company's consolidated cash balance at March 31, 2024 was
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
“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
Homebuilding pre-tax income in the second quarter of fiscal 2024 was
During the six months ended March 31, 2024, net cash provided by homebuilding operations was
Net sales orders for the second quarter ended March 31, 2024 increased
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
Rental Operations
The Company's rental operations generated
During the second quarter of fiscal 2024, the Company sold 1,109 single-family rental homes for
During the second quarter of fiscal 2024, the Company sold 424 multi-family rental units for
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
Financial Services
For the second quarter ended March 31, 2024, financial services revenues were
Dividends
During the second quarter of fiscal 2024, the Company paid cash dividends of
Share Repurchases
The Company repurchased 2.7 million shares of common stock for
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 $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% to24.0%
The Company reiterates its fiscal 2024 guidance for cash flow provided by homebuilding operations of approximately
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
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 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, 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
|
|
Eliminations
|
|
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
|
|
Eliminations
|
|
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
|
|
Eliminations
|
|
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
|
|
Eliminations
|
|
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
|
|
Eliminations
|
|
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
|
|
Eliminations
|
|
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
Source: D.R. Horton, Inc.
FAQ
What was the percentage increase in net income for D.R. Horton in the fiscal 2024 second quarter?
How much was the quarterly dividend declared by D.R. Horton?
What was the increase in consolidated revenues for D.R. Horton in the fiscal 2024 second quarter?
How many homes did D.R. Horton close in the fiscal 2024 second quarter?
How much pre-tax income did D.R. Horton's rental operations generate?
