D.R. Horton, Inc., America’s Builder, Reports Fourth Quarter and Fiscal 2024 Earnings and Increases Quarterly Dividend to $0.40 Per Share
D.R. Horton reported fiscal 2024 fourth quarter earnings with net income of $1.3 billion and earnings per diluted share of $3.92. For the full fiscal year 2024, the company achieved net income of $4.8 billion with earnings per share increasing 4% to $14.34. Consolidated revenues grew 4% to $36.8 billion, with home sales revenues up 7% to $33.9 billion on 89,690 homes closed. The company maintained strong financial metrics with a pre-tax profit margin of 17.1% and return on equity of 19.9%. Despite market challenges, D.R. Horton increased its quarterly dividend by 33% to $0.40 per share and repurchased $1.8 billion of common stock during the year.
D.R. Horton ha riportato gli utili del quarto trimestre dell'anno fiscale 2024, con un reddito netto di 1,3 miliardi di dollari e utili per azione diluiti di 3,92 dollari. Per l'intero anno fiscale 2024, l'azienda ha raggiunto un reddito netto di 4,8 miliardi di dollari, con utili per azione in aumento del 4% a 14,34 dollari. I ricavi consolidati sono aumentati del 4% a 36,8 miliardi di dollari, con i ricavi dalle vendite di abitazioni in crescita del 7% fino a 33,9 miliardi di dollari, su 89.690 abitazioni vendute. L'azienda ha mantenuto solide metriche finanziarie con un margine di profitto ante imposte del 17,1% e un ritorno sul capitale investito del 19,9%. Nonostante le sfide del mercato, D.R. Horton ha aumentato il suo dividendo trimestrale del 33% a 0,40 dollari per azione e ha riacquistato 1,8 miliardi di dollari di azioni ordinarie durante l'anno.
D.R. Horton informó sobre sus ganancias del cuarto trimestre del año fiscal 2024, con un ingreso neto de 1,3 mil millones de dólares y ganancias por acción diluida de 3,92 dólares. Durante todo el año fiscal 2024, la empresa logró un ingreso neto de 4,8 mil millones de dólares, con un aumento del 4% en las ganancias por acción hasta 14,34 dólares. Los ingresos consolidados crecieron un 4% hasta 36,8 mil millones de dólares, con ingresos por ventas de viviendas en aumento del 7% hasta 33,9 mil millones de dólares, sobre 89.690 viviendas cerradas. La empresa mantuvo sólidos indicadores financieros con un margen de beneficio antes de impuestos del 17,1% y un rendimiento sobre el capital del 19,9%. A pesar de los desafíos del mercado, D.R. Horton aumentó su dividendo trimestral en un 33% a 0,40 dólares por acción y recompró 1,8 mil millones de dólares en acciones comunes durante el año.
D.R. Horton는 2024 회계연도 4분기 실적을 보고했으며, 순이익은 13억 달러, 희석주당순이익은 3.92달러로 나타났습니다. 2024 회계연도 전체에서 회사는 48억 달러의 순이익을 달성했으며, 주당순이익은 4% 증가하여 14.34달러에 이르렀습니다. Consolidated revenues는 4% 증가하여 368억 달러에 달했으며, 주택 판매 수익은 7% 증가하여 339억 달러에 달했습니다. 이는 89,690채의 주택이 거래된 결과입니다. 회사는 세전 이익률 17.1% 및 자기자본 이익률 19.9%로 강력한 재무 지표를 유지했습니다. 시장의 도전에도 불구하고 D.R. Horton은 분기 배당금을 33% 증가시켜 주당 0.40달러로 하고, 연중 18억 달러의 보통주를 재매입했습니다.
D.R. Horton a publié les résultats du quatrième trimestre de l'exercice 2024, avec un bénéfice net de 1,3 milliard de dollars et un bénéfice par action diluée de 3,92 dollars. Pour l'ensemble de l'exercice 2024, l'entreprise a réalisé un bénéfice net de 4,8 milliards de dollars, avec un bénéfice par action en hausse de 4 % à 14,34 dollars. Les revenus consolidés ont augmenté de 4 % pour atteindre 36,8 milliards de dollars, avec des revenus issus des ventes de maisons en hausse de 7 % à 33,9 milliards de dollars, pour un total de 89 690 maisons vendues. L'entreprise a maintenu de solides indicateurs financiers avec une marge bénéficiaire avant impôt de 17,1 % et un retour sur fonds propres de 19,9 %. Malgré les défis du marché, D.R. Horton a augmenté son dividende trimestriel de 33 % pour atteindre 0,40 dollar par action et a racheté pour 1,8 milliard de dollars d'actions ordinaires durant l'année.
D.R. Horton berichtete über die Ergebnisse des vierten Quartals des Geschäftsjahres 2024 mit einem Nettogewinn von 1,3 Milliarden US-Dollar und einem Gewinn pro verwässerter Aktie von 3,92 US-Dollar. Für das gesamte Geschäftsjahr 2024 erzielte das Unternehmen einen Nettogewinn von 4,8 Milliarden US-Dollar, wobei der Gewinn pro Aktie um 4 % auf 14,34 US-Dollar stieg. Die konsolidierten Einnahmen wuchsen um 4 % auf 36,8 Milliarden US-Dollar, mit einem Anstieg der Einnahmen aus Wohnungsverkäufen um 7 % auf 33,9 Milliarden US-Dollar, basierend auf 89.690 verkauften Wohnungen. Das Unternehmen hielt starke Finanzkennzahlen mit einer Vorsteuergewinnmarge von 17,1 % und einer Eigenkapitalrendite von 19,9 % aufrecht. Trotz der Herausforderungen auf dem Markt erhöhte D.R. Horton seine vierteljährliche Dividende um 33 % auf 0,40 US-Dollar pro Aktie und kaufte im Laufe des Jahres 1,8 Milliarden US-Dollar an Stammaktien zurück.
- Net income increased to $4.8 billion in FY2024 from $4.7 billion in FY2023
- Consolidated revenues grew 4% to $36.8 billion
- Home sales revenues increased 7% to $33.9 billion
- Homes closed increased 8% to 89,690 units
- 33% increase in quarterly dividend to $0.40 per share
- Strong liquidity position of $7.6 billion
- Q4 net income decreased to $1.3 billion from $1.5 billion YoY
- Q4 consolidated revenues decreased 5% to $10.0 billion
- Sales order backlog decreased 20% to 12,180 homes
- Operating cash flow declined to $2.2 billion from $4.3 billion YoY
- Q4 homebuilding pre-tax margin decreased to 16.0% from 18.6% YoY
Insights
Fiscal 2024 Fourth Quarter Highlights
-
Earnings per diluted share were
$3.92 $1.3 billion -
Consolidated pre-tax income of
$1.7 billion 17.1% -
Consolidated revenues of
$10.0 billion -
Home sales revenues of
$8.9 billion
Fiscal 2024 Highlights - comparisons to the prior year
-
Earnings per diluted share increased
4% to$14.34 $4.8 billion -
Consolidated pre-tax income of
$6.3 billion 17.1% -
Consolidated revenues increased
4% to$36.8 billion -
Home sales revenues increased
7% to$33.9 billion -
Rental operations pre-tax income of
$228.7 million $1.7 billion -
Cash provided by operations totaled
$2.2 billion -
Debt to total capital of
18.9% -
Book value per common share increased
15% to$78.12 -
Repurchased
$1.8 billion 3% -
Return on equity was
19.9% and homebuilding pre-tax return on inventory was27.8%
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported net income of
Consolidated revenues in the fourth quarter of fiscal 2024 decreased
Net cash provided by operations was
In fiscal 2024, the Company's return on equity (ROE) was
David Auld, Executive Chairman, said, “The D.R. Horton team produced a solid fiscal 2024, highlighted by consolidated pre-tax income of
"Despite continued affordability challenges and competitive market conditions, our net sales orders in the fourth quarter increased slightly from the prior year to 19,035 homes. Our sales pace was in line with normal seasonality from the third to fourth quarter but was below our expectations. While mortgage rates have decreased from their highs earlier this year, many potential homebuyers expect rates to be lower in 2025. We believe that rate volatility and uncertainty are causing some buyers to stay on the sidelines in the near term. To help spur demand and address affordability, we are continuing to use incentives such as mortgage rate buydowns, and we have continued to start and sell more of our homes with smaller floor plans.
"The supply of both new and existing homes at affordable price points is still generally limited, and demographics supporting housing demand are favorable. With a focus on affordable product offerings, 37,400 homes in inventory and continued improvement in our construction cycle times, we are well positioned for fiscal 2025. We expect to generate increasing levels of consolidated operating cash flows, and our liquidity and low leverage provide us with significant financial flexibility. Based on our strong financial position and cash flow, our Board recently increased our quarterly cash dividend by
Homebuilding Operations
Homebuilding revenue for the fourth quarter of fiscal 2024 increased
Homebuilding pre-tax income in the fourth quarter of fiscal 2024 was
During fiscal 2024, net cash provided by homebuilding operations was
Net sales orders for the fourth quarter ended September 30, 2024 increased
At September 30, 2024, the Company had 37,400 homes in inventory, of which 25,700 were unsold. 10,300 of the Company’s unsold homes at September 30, 2024 were completed, of which 1,100 had been completed for greater than six months. The Company's homebuilding land and lot portfolio totaled 632,900 lots at the end of the year, of which
Rental Operations
The Company's rental operations generated
During the fourth quarter of fiscal 2024, the Company sold 1,692 single-family rental homes for
During the fourth quarter of fiscal 2024, the Company sold 868 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 fourth quarter ended September 30, 2024, Forestar sold 5,374 lots and generated
Forestar’s pre-tax income in the fourth quarter of fiscal 2024 was
Financial Services
For the fourth quarter ended September 30, 2024, financial services revenues were
Dividends
During the fourth quarter of fiscal 2024, the Company paid cash dividends of
Share Repurchases
The Company repurchased 3.4 million shares of common stock for
Guidance
Based on current market conditions, D.R. Horton is providing initial guidance for fiscal 2025 including:
-
Consolidated revenues of approximately
$36.0 billion $37.5 billion - Homes closed by homebuilding operations of 90,000 homes to 92,000 homes
-
Income tax rate of approximately
24.5% - Consolidated cash flow provided by operations greater than fiscal 2024
-
Share repurchases of approximately
$2.4 billion $500 million
The Company plans to also provide guidance for its first quarter of fiscal 2025 on its conference call today.
Conference Call and Webcast Details
The Company will host a conference call today (Tuesday, October 29) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code 584166), 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 the supply of both new and existing homes at affordable price points is still generally limited, and demographics supporting housing demand are favorable; while mortgage rates have decreased from their highs earlier this year, many potential homebuyers expect rates to be lower in 2025; we believe that recent rate volatility and uncertainty are causing some buyers to stay on the sidelines in the near term; to help spur demand and address affordability, we are continuing to use incentives such as mortgage rate buydowns, and we have continued to start and sell more of our homes with smaller floor plans; with a focus on affordable product offerings, 37,400 homes in inventory and continued improvement in our construction cycle times, we are well positioned for fiscal 2025; we expect to generate increasing levels of consolidated operating cash flows, and our liquidity and low leverage provide us with significant financial flexibility; based on our strong financial position and cash flow, our Board recently increased our quarterly cash dividend by
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, 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; risks of acquiring land, building materials and skilled labor and challenges 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 land development and housing operations; the effects of governmental regulations on our financial services operations; the effects of 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 the effects of 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) |
|||||||
|
September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(In millions) |
||||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
4,516.4 |
|
|
$ |
3,873.6 |
|
Restricted cash |
|
27.6 |
|
|
|
26.5 |
|
Total cash, cash equivalents and restricted cash |
|
4,544.0 |
|
|
|
3,900.1 |
|
Inventories: |
|
|
|
||||
Construction in progress and finished homes |
|
8,875.8 |
|
|
|
9,001.4 |
|
Residential land and lots — developed, under development, |
|
||||||
held for development and held for sale |
|
13,121.4 |
|
|
10,680.6 |
|
|
Rental properties |
|
2,906.0 |
|
|
|
2,691.3 |
|
Total inventory |
|
24,903.2 |
|
|
|
22,373.3 |
|
Mortgage loans held for sale |
|
2,477.5 |
|
|
|
2,519.9 |
|
Deferred income taxes, net of valuation allowance of |
|
||||||
and |
|
167.5 |
|
|
187.2 |
|
|
Property and equipment, net |
|
531.0 |
|
|
|
445.4 |
|
Other assets |
|
3,317.6 |
|
|
|
2,993.0 |
|
Goodwill |
|
163.5 |
|
|
|
163.5 |
|
Total assets |
$ |
36,104.3 |
|
|
$ |
32,582.4 |
|
LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
1,345.5 |
|
|
$ |
1,246.2 |
|
Accrued expenses and other liabilities |
|
3,016.7 |
|
|
|
3,103.8 |
|
Notes payable |
|
5,917.7 |
|
|
|
5,094.5 |
|
Total liabilities |
|
10,279.9 |
|
|
|
9,444.5 |
|
EQUITY |
|
|
|
||||
Common stock, |
|
||||||
402,848,342 shares issued and 324,027,360 shares outstanding at September 30, 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 |
|
3,490.7 |
|
|
|
3,432.2 |
|
Retained earnings |
|
27,951.0 |
|
|
|
23,589.8 |
|
Treasury stock, 78,820,982 shares and 66,353,688 shares |
|
||||||
at September 30, 2024 and 2023, respectively, at cost |
|
(6,132.9 |
) |
|
(4,329.8 |
) |
|
Stockholders’ equity |
|
25,312.8 |
|
|
|
22,696.2 |
|
Noncontrolling interests |
|
511.6 |
|
|
|
441.7 |
|
Total equity |
|
25,824.4 |
|
|
|
23,137.9 |
|
Total liabilities and equity |
$ |
36,104.3 |
|
|
$ |
32,582.4 |
|
D.R. HORTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(In millions, except per share data) |
||||||||||||||
Revenues |
$ |
10,002.6 |
|
|
$ |
10,504.0 |
|
|
$ |
36,801.4 |
|
|
$ |
35,460.4 |
|
Cost of sales |
|
7,448.3 |
|
|
|
7,680.7 |
|
|
|
27,266.0 |
|
|
|
26,110.0 |
|
Selling, general and administrative expense |
|
960.2 |
|
|
|
886.2 |
|
|
|
3,599.5 |
|
|
|
3,248.8 |
|
Other (income) expense |
|
(115.6 |
) |
|
|
(81.2 |
) |
|
|
(348.8 |
) |
|
|
(213.1 |
) |
Income before income taxes |
|
1,709.7 |
|
|
|
2,018.3 |
|
|
|
6,284.7 |
|
|
|
6,314.7 |
|
Income tax expense |
|
409.9 |
|
|
|
492.7 |
|
|
|
1,478.7 |
|
|
|
1,519.5 |
|
Net income |
|
1,299.8 |
|
|
|
1,525.6 |
|
|
|
4,806.0 |
|
|
|
4,795.2 |
|
Net income attributable to noncontrolling interests |
|
16.4 |
|
|
|
15.9 |
|
|
|
49.6 |
|
|
|
49.5 |
|
Net income attributable to D.R. Horton, Inc. |
$ |
1,283.4 |
|
|
$ |
1,509.7 |
|
|
$ |
4,756.4 |
|
|
$ |
4,745.7 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share attributable to D.R. Horton, Inc. |
$ |
3.95 |
|
|
$ |
4.49 |
|
|
$ |
14.44 |
|
|
$ |
13.93 |
|
Weighted average number of common shares |
|
325.2 |
|
|
|
336.6 |
|
|
|
329.5 |
|
|
|
340.7 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income per common share attributable to D.R. Horton, Inc. |
$ |
3.92 |
|
|
$ |
4.45 |
|
|
$ |
14.34 |
|
|
$ |
13.82 |
|
Adjusted weighted average number of common shares |
|
327.3 |
|
|
|
339.3 |
|
|
|
331.6 |
|
|
|
343.3 |
|
|
|
|
|
|
|
|
|
||||||||
Other Consolidated Financial Data: |
|
|
|
|
|
|
|
||||||||
Interest charged to cost of sales |
$ |
38.9 |
|
|
$ |
50.7 |
|
|
$ |
135.0 |
|
|
$ |
154.5 |
|
Depreciation and amortization |
$ |
23.6 |
|
|
$ |
21.4 |
|
|
$ |
87.1 |
|
|
$ |
91.6 |
|
Interest incurred |
$ |
56.1 |
|
|
$ |
49.3 |
|
|
$ |
203.7 |
|
|
$ |
203.5 |
|
D.R. HORTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|||||||
|
Year Ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(In millions) |
||||||
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
4,806.0 |
|
|
$ |
4,795.2 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
87.1 |
|
|
|
91.6 |
|
Stock-based compensation expense |
|
118.1 |
|
|
|
111.2 |
|
Deferred income taxes |
|
19.0 |
|
|
|
(45.9 |
) |
Inventory and land option charges |
|
78.8 |
|
|
|
80.3 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Decrease in construction in progress and finished homes |
|
141.3 |
|
|
|
861.8 |
|
Increase in residential land and lots – |
|
||||||
developed, under development, held for development and held for sale |
|
(2,576.5 |
) |
|
(1,226.4 |
) |
|
Increase in rental properties |
|
(214.6 |
) |
|
|
(151.8 |
) |
(Increase) decrease in other assets |
|
(331.4 |
) |
|
|
23.8 |
|
Decrease (increase) in mortgage loans held for sale |
|
42.4 |
|
|
|
(133.9 |
) |
Increase (decrease) in accounts payable, accrued expenses and other liabilities |
|
19.6 |
|
|
|
(101.8 |
) |
Net cash provided by operating activities |
|
2,189.8 |
|
|
|
4,304.1 |
|
INVESTING ACTIVITIES |
|
|
|
||||
Expenditures for property and equipment |
|
(165.3 |
) |
|
|
(148.6 |
) |
Proceeds from sale of assets |
|
19.4 |
|
|
|
52.0 |
|
Payments related to business acquisitions, net of cash acquired |
|
(40.4 |
) |
|
|
(212.9 |
) |
Other investing activities |
|
(4.3 |
) |
|
|
(0.7 |
) |
Net cash used in investing activities |
|
(190.6 |
) |
|
|
(310.2 |
) |
FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from notes payable |
|
2,086.3 |
|
|
|
711.0 |
|
Repayment of notes payable |
|
(1,055.8 |
) |
|
|
(1,823.9 |
) |
(Repayment) borrowings on mortgage repurchase facilities, net |
|
(135.8 |
) |
|
|
51.3 |
|
Proceeds from stock associated with certain employee benefit plans |
|
20.6 |
|
|
|
25.5 |
|
Cash paid for shares withheld for taxes |
|
(83.9 |
) |
|
|
(56.1 |
) |
Cash dividends paid |
|
(395.2 |
) |
|
|
(341.2 |
) |
Repurchases of common stock |
|
(1,787.5 |
) |
|
|
(1,178.5 |
) |
Net proceeds from issuance of Forestar common stock |
|
19.7 |
|
|
|
— |
|
Net other financing activities |
|
(23.7 |
) |
|
|
(54.8 |
) |
Net cash used in financing activities |
|
(1,355.3 |
) |
|
|
(2,666.7 |
) |
Net increase in cash, cash equivalents and restricted cash |
|
643.9 |
|
|
|
1,327.2 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
3,900.1 |
|
|
|
2,572.9 |
|
Cash, cash equivalents and restricted cash at end of year |
$ |
4,544.0 |
|
|
$ |
3,900.1 |
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
||||
Income taxes paid, net |
$ |
1,669.7 |
|
|
$ |
1,442.0 |
|
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES: |
|
|
|
||||
Notes payable issued for inventory |
$ |
43.4 |
|
|
$ |
54.5 |
|
Reduction of notes payable upon deconsolidation of variable interest entity |
$ |
(127.8 |
) |
|
$ |
— |
|
Stock issued under employee incentive plans |
$ |
174.3 |
|
|
$ |
111.4 |
|
D.R. HORTON, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED) |
|||||||||||||||||||
|
September 30, 2024 |
||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||
|
(In millions) |
||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
$ |
3,623.0 |
|
$ |
157.6 |
|
|
$ |
481.2 |
|
$ |
242.3 |
|
$ |
12.3 |
|
|
$ |
4,516.4 |
Restricted cash |
|
4.8 |
|
|
2.2 |
|
|
|
— |
|
|
20.6 |
|
|
— |
|
|
|
27.6 |
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Construction in progress and finished |
|
|
|
|
|
||||||||||||||
homes |
|
8,986.1 |
|
— |
|
|
— |
|
— |
|
(110.3 |
) |
|
8,875.8 |
|||||
Residential land and lots |
|
11,044.9 |
|
|
— |
|
|
|
2,266.2 |
|
|
— |
|
|
(189.7 |
) |
|
|
13,121.4 |
Rental properties |
|
— |
|
|
2,902.4 |
|
|
|
— |
|
|
— |
|
|
3.6 |
|
|
|
2,906.0 |
|
|
20,031.0 |
|
|
2,902.4 |
|
|
|
2,266.2 |
|
|
— |
|
|
(296.4 |
) |
|
|
24,903.2 |
Mortgage loans held for sale |
|
— |
|
|
— |
|
|
|
— |
|
|
2,477.5 |
|
|
— |
|
|
|
2,477.5 |
Deferred income taxes, net |
|
211.6 |
|
|
(14.7 |
) |
|
|
— |
|
|
— |
|
|
(29.4 |
) |
|
|
167.5 |
Property and equipment, net |
|
500.2 |
|
|
1.1 |
|
|
|
7.1 |
|
|
4.0 |
|
|
18.6 |
|
|
|
531.0 |
Other assets |
|
2,976.5 |
|
|
74.5 |
|
|
|
85.6 |
|
|
212.3 |
|
|
(31.3 |
) |
|
|
3,317.6 |
Goodwill |
|
134.3 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
29.2 |
|
|
|
163.5 |
|
$ |
27,481.4 |
|
$ |
3,123.1 |
|
|
$ |
2,840.1 |
|
$ |
2,956.7 |
|
$ |
(297.0 |
) |
|
$ |
36,104.3 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable |
$ |
1,046.1 |
|
$ |
474.2 |
|
|
$ |
85.9 |
|
$ |
0.8 |
|
$ |
(261.5 |
) |
|
$ |
1,345.5 |
Accrued expenses and other liabilities |
|
2,552.0 |
|
|
67.8 |
|
|
|
452.8 |
|
|
234.6 |
|
|
(290.5 |
) |
|
|
3,016.7 |
Notes payable |
|
2,926.8 |
|
|
750.7 |
|
|
|
706.4 |
|
|
1,533.8 |
|
|
— |
|
|
|
5,917.7 |
|
$ |
6,524.9 |
|
$ |
1,292.7 |
|
|
$ |
1,245.1 |
|
$ |
1,769.2 |
|
$ |
(552.0 |
) |
|
$ |
10,279.9 |
|
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 and the elimination of intercompany transactions. |
|
D.R. HORTON, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED) |
|||||||||||||||||||||||
|
Three Months Ended September 30, 2024 |
||||||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
$ |
8,929.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,929.4 |
|
Land/lot sales and other |
|
20.7 |
|
|
|
— |
|
|
|
551.4 |
|
|
|
— |
|
|
|
(425.7 |
) |
|
|
146.4 |
|
Rental property sales |
|
— |
|
|
|
704.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
704.8 |
|
Financial services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
222.0 |
|
|
|
— |
|
|
|
222.0 |
|
|
|
8,950.1 |
|
|
|
704.8 |
|
|
|
551.4 |
|
|
|
222.0 |
|
|
|
(425.7 |
) |
|
|
10,002.6 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
6,821.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(67.9 |
) |
|
|
6,753.3 |
|
Land/lot sales and other |
|
17.1 |
|
|
|
— |
|
|
|
416.3 |
|
|
|
— |
|
|
|
(332.0 |
) |
|
|
101.4 |
|
Rental property sales |
|
— |
|
|
|
552.5 |
|
|
|
— |
|
|
|
— |
|
|
|
(3.3 |
) |
|
|
549.2 |
|
Inventory and land option charges |
|
37.7 |
|
|
|
3.6 |
|
|
|
3.1 |
|
|
|
— |
|
|
|
— |
|
|
|
44.4 |
|
|
|
6,876.0 |
|
|
|
556.1 |
|
|
|
419.4 |
|
|
|
— |
|
|
|
(403.2 |
) |
|
|
7,448.3 |
|
Selling, general and administrative expense |
|
679.3 |
|
|
|
72.4 |
|
|
|
32.0 |
|
|
|
171.7 |
|
|
|
4.8 |
|
|
|
960.2 |
|
Other (income) expense |
|
(34.4 |
) |
|
|
(23.6 |
) |
|
|
(8.5 |
) |
|
|
(25.6 |
) |
|
|
(23.5 |
) |
|
|
(115.6 |
) |
Income before income taxes |
$ |
1,429.2 |
|
|
$ |
99.9 |
|
|
$ |
108.5 |
|
|
$ |
75.9 |
|
|
$ |
(3.8 |
) |
|
$ |
1,709.7 |
|
|
Year Ended September 30, 2024 |
||||||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
$ |
33,903.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
33,903.6 |
|
Land/lot sales and other |
|
58.2 |
|
|
|
— |
|
|
|
1,509.4 |
|
|
|
— |
|
|
|
(1,237.4 |
) |
|
|
330.2 |
|
Rental property sales |
|
— |
|
|
|
1,685.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,685.1 |
|
Financial services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
882.5 |
|
|
|
— |
|
|
|
882.5 |
|
|
|
33,961.8 |
|
|
|
1,685.1 |
|
|
|
1,509.4 |
|
|
|
882.5 |
|
|
|
(1,237.4 |
) |
|
|
36,801.4 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
25,952.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(262.9 |
) |
|
|
25,689.2 |
|
Land/lot sales and other |
|
40.0 |
|
|
|
— |
|
|
|
1,145.9 |
|
|
|
— |
|
|
|
(989.8 |
) |
|
|
196.1 |
|
Rental property sales |
|
— |
|
|
|
1,315.9 |
|
|
|
— |
|
|
|
— |
|
|
|
(14.0 |
) |
|
|
1,301.9 |
|
Inventory and land option charges |
|
68.9 |
|
|
|
5.8 |
|
|
|
4.1 |
|
|
|
— |
|
|
|
— |
|
|
|
78.8 |
|
|
|
26,061.0 |
|
|
|
1,321.7 |
|
|
|
1,150.0 |
|
|
|
— |
|
|
|
(1,266.7 |
) |
|
|
27,266.0 |
|
Selling, general and administrative expense |
|
2,553.3 |
|
|
|
236.2 |
|
|
|
118.5 |
|
|
|
672.4 |
|
|
|
19.1 |
|
|
|
3,599.5 |
|
Other (income) expense |
|
(107.6 |
) |
|
|
(101.5 |
) |
|
|
(29.2 |
) |
|
|
(101.1 |
) |
|
|
(9.4 |
) |
|
|
(348.8 |
) |
Income before income taxes |
$ |
5,455.1 |
|
|
$ |
228.7 |
|
|
$ |
270.1 |
|
|
$ |
311.2 |
|
|
$ |
19.6 |
|
|
$ |
6,284.7 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
$ |
2,239.0 |
|
|
$ |
(231.0 |
) |
|
$ |
(158.6 |
) |
|
$ |
281.6 |
|
|
$ |
58.8 |
|
|
$ |
2,189.8 |
|
| _________________ | ||
| (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 September 30, 2023 |
||||||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
$ |
8,779.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,779.0 |
|
Land/lot sales and other |
|
17.1 |
|
|
|
— |
|
|
|
549.7 |
|
|
|
— |
|
|
|
(448.2 |
) |
|
|
118.6 |
|
Rental property sales |
|
— |
|
|
|
1,386.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,386.9 |
|
Financial services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219.5 |
|
|
|
— |
|
|
|
219.5 |
|
|
|
8,796.1 |
|
|
|
1,386.9 |
|
|
|
549.7 |
|
|
|
219.5 |
|
|
|
(448.2 |
) |
|
|
10,504.0 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
6,576.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(68.1 |
) |
|
|
6,507.9 |
|
Land/lot sales and other |
|
9.5 |
|
|
|
— |
|
|
|
433.7 |
|
|
|
— |
|
|
|
(369.8 |
) |
|
|
73.4 |
|
Rental property sales |
|
— |
|
|
|
1,087.6 |
|
|
|
— |
|
|
|
— |
|
|
|
(6.3 |
) |
|
|
1,081.3 |
|
Inventory and land option charges |
|
13.3 |
|
|
|
4.4 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
18.1 |
|
|
|
6,598.8 |
|
|
|
1,092.0 |
|
|
|
434.1 |
|
|
|
— |
|
|
|
(444.2 |
) |
|
|
7,680.7 |
|
Selling, general and administrative expense |
|
582.3 |
|
|
|
109.2 |
|
|
|
26.4 |
|
|
|
159.2 |
|
|
|
9.1 |
|
|
|
886.2 |
|
Other (income) expense |
|
(24.7 |
) |
|
|
(31.5 |
) |
|
|
(6.2 |
) |
|
|
(25.1 |
) |
|
|
6.3 |
|
|
|
(81.2 |
) |
Income before income taxes |
$ |
1,639.7 |
|
|
$ |
217.2 |
|
|
$ |
95.4 |
|
|
$ |
85.4 |
|
|
$ |
(19.4 |
) |
|
$ |
2,018.3 |
|
|
Year Ended September 30, 2023 |
||||||||||||||||||||||
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
$ |
31,641.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
31,641.0 |
|
Land/lot sales and other |
|
102.2 |
|
|
|
— |
|
|
|
1,436.9 |
|
|
|
— |
|
|
|
(1,126.7 |
) |
|
|
412.4 |
|
Rental property sales |
|
— |
|
|
|
2,605.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,605.5 |
|
Financial services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
801.5 |
|
|
|
— |
|
|
|
801.5 |
|
|
|
31,743.2 |
|
|
|
2,605.5 |
|
|
|
1,436.9 |
|
|
|
801.5 |
|
|
|
(1,126.7 |
) |
|
|
35,460.4 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
24,201.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(248.5 |
) |
|
|
23,952.8 |
|
Land/lot sales and other |
|
53.8 |
|
|
|
— |
|
|
|
1,108.9 |
|
|
|
— |
|
|
|
(959.9 |
) |
|
|
202.8 |
|
Rental property sales |
|
— |
|
|
|
1,886.8 |
|
|
|
— |
|
|
|
— |
|
|
|
(12.7 |
) |
|
|
1,874.1 |
|
Inventory and land option charges |
|
60.7 |
|
|
|
6.7 |
|
|
|
24.0 |
|
|
|
— |
|
|
|
(11.1 |
) |
|
|
80.3 |
|
|
|
24,315.8 |
|
|
|
1,893.5 |
|
|
|
1,132.9 |
|
|
|
— |
|
|
|
(1,232.2 |
) |
|
|
26,110.0 |
|
Selling, general and administrative expense |
|
2,239.9 |
|
|
|
290.2 |
|
|
|
97.7 |
|
|
|
594.9 |
|
|
|
26.1 |
|
|
|
3,248.8 |
|
Other (income) expense |
|
(78.8 |
) |
|
|
(102.4 |
) |
|
|
(15.3 |
) |
|
|
(76.7 |
) |
|
|
60.1 |
|
|
|
(213.1 |
) |
Income before income taxes |
$ |
5,266.3 |
|
|
$ |
524.2 |
|
|
$ |
221.6 |
|
|
$ |
283.3 |
|
|
$ |
19.3 |
|
|
$ |
6,314.7 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by operating activities |
$ |
3,078.4 |
|
|
$ |
739.2 |
|
|
$ |
364.1 |
|
|
$ |
13.2 |
|
|
$ |
109.2 |
|
|
$ |
4,304.1 |
|
| _________________ | ||
| (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 SALES, CLOSINGS AND BACKLOG HOMEBUILDING SEGMENT (Dollars in millions) |
||||||||||||||||||||
NET SALES ORDERS |
||||||||||||||||||||
|
|
Three Months Ended September 30, |
|
Year Ended September 30, |
||||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,137 |
|
$ |
592.4 |
|
1,131 |
|
$ |
594.1 |
|
5,391 |
|
$ |
2,750.8 |
|
4,622 |
|
$ |
2,425.1 |
Southwest |
|
2,223 |
|
|
1,093.1 |
|
2,406 |
|
|
1,143.3 |
|
9,942 |
|
|
4,855.6 |
|
8,470 |
|
|
4,023.1 |
South Central |
|
4,816 |
|
|
1,525.8 |
|
4,811 |
|
|
1,590.7 |
|
22,549 |
|
|
7,285.5 |
|
20,716 |
|
|
6,735.9 |
Southeast |
|
5,107 |
|
|
1,755.2 |
|
5,066 |
|
|
1,839.1 |
|
22,982 |
|
|
8,115.2 |
|
21,683 |
|
|
7,812.0 |
East |
|
3,600 |
|
|
1,256.0 |
|
3,671 |
|
|
1,330.1 |
|
16,425 |
|
|
5,830.8 |
|
15,013 |
|
|
5,361.4 |
North |
|
2,152 |
|
|
923.2 |
|
1,854 |
|
|
757.4 |
|
9,272 |
|
|
3,876.1 |
|
7,838 |
|
|
3,170.4 |
|
|
19,035 |
|
$ |
7,145.7 |
|
18,939 |
|
$ |
7,254.7 |
|
86,561 |
|
$ |
32,714.0 |
|
78,342 |
|
$ |
29,527.9 |
HOMES CLOSED |
||||||||||||||||||||
|
|
Three Months Ended September 30, |
|
Year Ended September 30, |
||||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,366 |
|
$ |
710.3 |
|
1,328 |
|
$ |
709.7 |
|
5,403 |
|
$ |
2,744.6 |
|
4,799 |
|
$ |
2,574.1 |
Southwest |
|
2,579 |
|
|
1,265.4 |
|
2,927 |
|
|
1,418.5 |
|
10,135 |
|
|
4,913.3 |
|
8,823 |
|
|
4,246.7 |
South Central |
|
6,144 |
|
|
2,008.2 |
|
6,030 |
|
|
1,988.2 |
|
23,467 |
|
|
7,639.6 |
|
22,923 |
|
|
7,598.1 |
Southeast |
|
6,422 |
|
|
2,262.1 |
|
6,251 |
|
|
2,273.4 |
|
24,703 |
|
|
8,853.4 |
|
23,905 |
|
|
8,756.5 |
East |
|
4,673 |
|
|
1,652.9 |
|
4,249 |
|
|
1,509.9 |
|
17,062 |
|
|
6,070.9 |
|
14,718 |
|
|
5,323.9 |
North |
|
2,463 |
|
|
1,030.5 |
|
2,143 |
|
|
879.3 |
|
8,920 |
|
|
3,681.8 |
|
7,749 |
|
|
3,141.7 |
|
|
23,647 |
|
$ |
8,929.4 |
|
22,928 |
|
$ |
8,779.0 |
|
89,690 |
|
$ |
33,903.6 |
|
82,917 |
|
$ |
31,641.0 |
SALES ORDER BACKLOG |
||||||||||
|
|
As of September 30, |
||||||||
|
|
2024 |
|
2023 |
||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
||
Northwest |
|
535 |
|
$ |
284.2 |
|
547 |
|
$ |
278.1 |
Southwest |
|
1,214 |
|
|
623.6 |
|
1,407 |
|
|
681.3 |
South Central |
|
2,709 |
|
|
872.4 |
|
3,588 |
|
|
1,220.1 |
Southeast |
|
3,095 |
|
|
1,135.5 |
|
4,816 |
|
|
1,873.7 |
East |
|
2,744 |
|
|
1,012.3 |
|
3,381 |
|
|
1,252.4 |
North |
|
1,883 |
|
|
842.3 |
|
1,458 |
|
|
617.7 |
|
|
12,180 |
|
$ |
4,770.3 |
|
15,197 |
|
$ |
5,923.3 |
D.R. HORTON, INC. AND SUBSIDIARIES LAND AND LOT POSITION AND HOMES IN INVENTORY HOMEBUILDING SEGMENT |
|||||||||||
LAND AND LOT POSITION |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
September 30, 2023 |
||||||||
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
|
Land/Lots
|
|
Lots Controlled
|
|
Total
|
Northwest |
13,000 |
|
18,600 |
|
31,600 |
|
14,100 |
|
20,300 |
|
34,400 |
Southwest |
22,200 |
|
29,200 |
|
51,400 |
|
22,600 |
|
30,500 |
|
53,100 |
South Central |
39,000 |
|
109,600 |
|
148,600 |
|
36,700 |
|
69,500 |
|
106,200 |
Southeast |
29,500 |
|
134,300 |
|
163,800 |
|
24,700 |
|
132,900 |
|
157,600 |
East |
32,500 |
|
129,300 |
|
161,800 |
|
27,700 |
|
118,400 |
|
146,100 |
North |
16,300 |
|
59,400 |
|
75,700 |
|
15,300 |
|
55,700 |
|
71,000 |
|
152,500 |
|
480,400 |
|
632,900 |
|
141,100 |
|
427,300 |
|
568,400 |
|
24 % |
|
76 % |
|
100 % |
|
25 % |
|
75 % |
|
100 % |
| _________________ | ||
| (1) | Lots controlled at September 30, 2024 included approximately 37,700 lots owned or controlled by Forestar, 20,500 of which our homebuilding divisions had under contract to purchase and 17,200 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) |
||||
|
|
|
|
|
|
|
September 30, |
||
|
|
2024 |
|
2023 |
Northwest |
|
2,100 |
|
2,800 |
Southwest |
|
4,200 |
|
4,700 |
South Central |
|
9,000 |
|
10,800 |
Southeast |
|
9,700 |
|
12,100 |
East |
|
7,500 |
|
7,100 |
North |
|
4,900 |
|
4,500 |
|
|
37,400 |
|
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/20241029474977/en/
D.R. Horton, Inc.
Jessica Hansen, 817-390-8200
Senior Vice President - Communications
InvestorRelations@drhorton.com
Source: D.R. Horton, Inc.
FAQ
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