D.R. Horton reports Q4 net sales orders increased 39% to 18,939 homes

Net sales orders increased 39% to 18,939 homes and 34% in value to $7.3B. Donald Horton, Chairman of the Board, said, “The D.R. Horton team finished the year strong, highlighted by fourth quarter consolidated pre-tax income of $2.0 billion on a 9% increase in revenues and a pre-tax profit margin of 19.2%. For the year, our consolidated pre-tax income was $6.3 billion on a 6% increase in revenues and a pre-tax profit margin of 17.8%. With a record 89,092 homes closed by our homebuilding and single-family rental operations in fiscal 2023, D.R. Horton completed its 22nd consecutive year as the largest homebuilder in the United States. These results reflect the strength of our experienced operators, industry-leading market share and broad geographic footprint. Despite continued higher mortgage rates and inflationary pressures, our net sales orders increased 39% 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 cash flow from operations in fiscal 2023 was $4.3 billion, and our consolidated leverage at the end of the year was 18.3%, the lowest in Company history. 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.”