D.R. Horton reports Q1 EPS $2.82, consensus $2.88

Reports Q1 revenue $7.7B, consensus $7.6B. Donald Horton, Chairman of the Board, said, “The D.R. Horton team delivered solid results in the first fiscal quarter of 2024, highlighted by earnings of $2.82 per diluted share. Consolidated pre-tax income for the quarter was $1.2 billion on a 6% increase in revenues to $7.7 billion, with a pre-tax profit margin of 16.1%. Although inflation and mortgage interest rates remain elevated, our net sales orders increased 35% from the prior year quarter, as the supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable. “We are well-positioned to meet changing market conditions with our affordable product offerings and flexible lot supply and are focused on turning our inventory to maximize returns and capital efficiency in each of our communities. Our strong balance sheet, 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 returning capital to our shareholders through both dividends and share repurchases on a consistent basis.”