D.R. Horton reports Q3 EPS $3.90, consensus $2.79

Reports Q3 revenue $9.7B, consensus $8.39B. Donald Horton, Chairman of the Board, said, “The D.R. Horton team delivered strong results in the third fiscal quarter of 2023, highlighted by EPS of $3.90 per diluted share. Our consolidated pre-tax income was $1.8 billion on an 11% increase in revenues to $9.7 billion, with a pre-tax profit margin of 18.3%. Despite continued higher mortgage rates and inflationary pressures, our net sales orders increased 37% 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 with our experienced operators, diverse product offerings and flexible lot supply and are focused on supplying more homes to meet market demand and maximizing returns and capital efficiency in each of our communities. The strength of our 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.”