D.R. Horton reports Q2 EPS $3.52, consensus $3.06

Reports Q2 revenue $9.1B, consensus $8.27B. Donald 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.”