Donald Tomnitz, Chairman of the Board, said, “Demand for finished lots remained solid during the second quarter of fiscal 2024. The Forestar team achieved strong results, including a 64% increase in pre-tax income to $58.9 million on an 11% increase in revenues to $333.8 million. Lots sold increased 10% to 3,289 lots. Forestar delivered attractive double-digit returns and increased profitability, with a pre-tax profit margin of 17.6%. The supply of vacant developed lots, particularly at affordable price points, continues to be constrained across most of the country, and Forestar is uniquely positioned to take advantage of the shortage of finished lots for the homebuilding industry. In fiscal 2024, we still expect to deliver between 14,500 and 15,500 lots, generating $1.4 billion to $1.5 billion in revenue. We remain focused on growing our platform, turning our inventory, maximizing returns and consolidating market share in the highly fragmented lot development industry. Our strong balance sheet and ample liquidity give us the flexibility to invest in land opportunities to drive our future growth. We will maintain our disciplined approach when investing capital to enhance the long-term value of Forestar.”
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