D.R. Horton reports Q3 homebuilding revenue of $8.7B

Net sales orders for the third quarter ended June 30, 2023 increased 37% to 22,879 homes and 26% in value to $8.7 billion compared to 16,693 homes and $6.9 billion in the same quarter of the prior year. The Company’s cancellation rate for the third quarter of fiscal 2023 was 18% compared to 24% in the prior year quarter. Net sales orders for the first nine months of fiscal 2023 decreased 5% to 59,403 homes and 11% in value to $22.3 billion compared to 62,555 homes and $24.9 billion in the same period of fiscal 2022. The Company’s sales order backlog of homes under contract at June 30, 2023 decreased 34% to 19,186 homes and 38% in value to $7.4 billion compared to 29,244 homes and $11.9 billion at June 30, 2022. At June 30, 2023, the Company had 43,800 homes in inventory, of which 25,000 were unsold. 5,700 of the Company’s unsold homes at June 30, 2023 were completed. The Company’s homebuilding land and lot portfolio totaled 555,100 lots at the end of the quarter, of which 25% were owned and 75% were controlled through land and lot purchase contracts.