D.R. Horton, Inc. (NYSE:DHI):
Fiscal 2024 First Quarter Highlights - comparisons to the
prior year quarter
- Net income attributable to D.R. Horton of $947.4 million or
$2.82 per diluted share
- Consolidated pre-tax income of $1.2 billion, with a pre-tax
profit margin of 16.1%
- Consolidated revenues increased 6% to $7.7 billion
- Homes closed increased 12% to 19,340 homes and 8% in value to
$7.3 billion
- Net sales orders increased 35% to 18,069 homes and 38% in value
to $6.8 billion
- Rental operations pre-tax income of $31.3 million on $195.3
million of revenues from sales of 379 single-family rental homes
and 300 multi-family rental units
- Repurchased 3.3 million shares of common stock for $398.3
million and paid cash dividends of $99.9 million
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported
that net income per common share attributable to D.R. Horton for
its first fiscal quarter ended December 31, 2023 increased 2% to
$2.82 per diluted share compared to $2.76 per diluted share in the
same quarter of fiscal 2023. Net income attributable to D.R. Horton
in the first quarter of fiscal 2024 decreased 1% to $947.4 million
compared to $958.7 million in the same quarter of fiscal 2023.
Consolidated revenues in the first quarter of fiscal 2024 increased
6% to $7.7 billion compared to $7.3 billion in the same quarter of
fiscal 2023.
Net cash used in operations was $153.4 million during the three
months ended December 31, 2023. The Company's consolidated cash
balance at December 31, 2023 was $3.3 billion and available
capacity on its credit facilities was $3.1 billion, for total
liquidity of $6.4 billion. Debt at December 31, 2023 totaled $5.3
billion, with no senior note maturities in fiscal 2024. The
Company's debt to total capital ratio at December 31, 2023 was
18.6%. Debt to total capital ratio consists of notes payable
divided by stockholders' equity plus notes payable.
The Company's return on equity (ROE) was 21.8% for the trailing
twelve months ended December 31, 2023, and homebuilding return on
inventory (ROI) was 29.0% for the same period. ROE is calculated as
net income attributable to D.R. Horton for the trailing twelve
months divided by average stockholders' equity, where average
stockholders' equity is the sum of ending stockholders' equity
balances of the trailing five quarters divided by five.
Homebuilding ROI is calculated as homebuilding pre-tax income for
the trailing twelve months divided by average inventory, where
average inventory is the sum of ending homebuilding inventory
balances for the trailing five quarters divided by five.
Donald R. 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.”
Homebuilding Operations
Homebuilding revenue for the first quarter of fiscal 2024
increased 8% to $7.3 billion compared to $6.7 billion in the same
quarter of fiscal 2023. Homes closed in the quarter increased 12%
to 19,340 homes compared to 17,340 homes closed in the same quarter
of fiscal 2023. Homebuilding pre-tax income in the first quarter of
fiscal 2024 was $1.1 billion with a pre-tax profit margin of 15.0%
compared to $1.1 billion of pre-tax income and a 16.2% pre-tax
profit margin in the same quarter of fiscal 2023.
Net sales orders for the first quarter ended December 31, 2023
increased 35% to 18,069 homes and 38% in value to $6.8 billion
compared to 13,382 homes and $4.9 billion in the same quarter of
the prior year. The Company’s cancellation rate (cancelled sales
orders divided by gross sales orders) for the first quarter of
fiscal 2024 was 19% compared to 27% in the prior year quarter. The
Company's sales order backlog of homes under contract at December
31, 2023 decreased 11% to 13,965 homes and 12% in value to $5.4
billion compared to 15,759 homes and $6.2 billion at December 31,
2022.
At December 31, 2023, the Company had 42,600 homes in inventory,
of which 28,800 were unsold. 9,000 of the Company’s unsold homes at
December 31, 2023 were completed, of which 730 had been completed
for greater than six months. The Company’s homebuilding land and
lot portfolio totaled 607,200 lots at the end of the quarter, of
which 24% were owned and 76% were controlled through land and lot
purchase contracts.
Rental Operations
The Company's rental operations generated $31.3 million of
pre-tax income on revenues of $195.3 million in the first quarter
of fiscal 2024 compared to $110.3 million of pre-tax income on
revenues of $327.5 million in the same quarter of fiscal 2023.
During the first quarter of fiscal 2024, the Company sold 379
single-family rental homes for $116.1 million compared to 694 homes
sold for $228.0 million in the prior year quarter. At December 31,
2023, the consolidated balance sheet included $1.4 billion of
single-family rental property inventory consisting of 5,820 homes,
of which 4,920 were completed, and 2,980 lots, of which 1,045 were
finished.
During the first quarter of fiscal 2024, the Company sold 300
multi-family rental units for $79.2 million compared to 300 units
sold for $99.5 million in the prior year quarter. At December 31,
2023, the consolidated balance sheet included $1.6 billion of
multi-family rental property inventory consisting of 10,200 units,
of which 8,070 units were under active construction and 2,130 units
were completed.
Forestar
Forestar Group Inc. (NYSE:FOR) (“Forestar”) is a publicly traded
residential lot development company that is a majority-owned
subsidiary of D.R. Horton. Forestar’s results of operations for the
periods presented are fully consolidated in the Company’s financial
statements with the percentage not owned by the Company reported as
noncontrolling interests.
For the first quarter ended December 31, 2023, Forestar sold
3,150 lots and generated $305.9 million of revenue compared to
2,263 lots and $216.7 million of revenue in the prior year quarter.
Forestar’s pre-tax income in the first quarter of fiscal 2024 was
$51.2 million with a pre-tax profit margin of 16.7% compared to
$27.9 million of pre-tax income and a 12.9% pre-tax profit margin
in the same quarter of fiscal 2023.
Financial Services
For the first quarter ended December 31, 2023, financial
services revenues were $192.6 million compared to $137.0 million in
the same quarter of fiscal 2023. Financial services pre-tax income
for the quarter was $66.0 million with a pre-tax profit margin of
34.3% compared to $18.2 million of pre-tax income and a 13.3%
pre-tax profit margin in the prior year quarter.
Dividends
During the first quarter of fiscal 2024, the Company paid cash
dividends of $99.9 million. Subsequent to quarter end, the Company
declared a quarterly cash dividend of $0.30 per common share that
is payable on February 13, 2024 to stockholders of record on
February 6, 2024.
Share Repurchases
The Company repurchased 3.3 million shares of common stock for
$398.3 million during the first quarter of fiscal 2024. The
Company’s remaining stock repurchase authorization at December 31,
2023 was $1.3 billion.
Guidance
Based on current market conditions and the Company’s results for
the first quarter of fiscal 2024, D.R. Horton is updating its
fiscal 2024 guidance as follows:
- Consolidated revenues of approximately $36.0 billion to $37.3
billion
- Homes closed by homebuilding operations of 87,000 homes to
90,000 homes
- Income tax rate of approximately 24.0%
The Company is also reiterating its fiscal 2024 guidance as
follows:
- Cash flow provided by homebuilding operations of approximately
$3.0 billion
- Share repurchases of approximately $1.5 billion
The Company plans to also provide guidance for its second
quarter of fiscal 2024 on its conference call today.
Conference Call and Webcast Details
The Company will host a conference call today (Tuesday, January
23) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062
(reference entry code 566897), and the call will also be webcast
from the Company’s website at investor.drhorton.com.
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest
homebuilder by volume in the United States since 2002 and has
closed more than 1,000,000 homes in its 45-year history. D.R.
Horton has operations in 118 markets in 33 states across the United
States and is engaged in the construction and sale of high-quality
homes through its diverse product portfolio with sales prices
generally ranging from $200,000 to over $1,000,000. The Company
also constructs and sells both single-family and multi-family
rental properties. During the twelve-month period ended December
31, 2023, D.R. Horton closed 84,917 homes in its homebuilding
operations, in addition to 5,860 single-family rental homes and
2,112 multi-family rental units in its rental operations. D.R.
Horton also provides mortgage financing, title services and
insurance agency services for its homebuyers and is the
majority-owner of Forestar Group Inc., a publicly traded national
residential lot development company.
Forward-Looking Statements
Portions of this document may constitute “forward-looking
statements” as defined by the Private Securities Litigation Reform
Act of 1995. Although D.R. Horton believes any such statements are
based on reasonable assumptions, there is no assurance that actual
outcomes will not be materially different. All forward-looking
statements are based upon information available to D.R. Horton on
the date this release was issued. D.R. Horton does not undertake
any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Forward-looking statements in this release include
that 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 and that 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. The
forward-looking statements also include all commentary in the
Guidance section.
Factors that may cause the actual results to be materially
different from the future results expressed by the forward-looking
statements include, but are not limited to: the cyclical nature of
the homebuilding, rental and lot development industries and changes
in economic, real estate or other conditions; adverse developments
affecting the capital markets and financial institutions, which
could limit our ability to access capital and increase our cost of
capital and impact our liquidity and capital resources; reductions
in the availability of mortgage financing provided by government
agencies, changes in government financing programs, a decrease in
our ability to sell mortgage loans on attractive terms or an
increase in mortgage interest rates; the risks associated with our
land, lot and rental inventory; our ability to effect our growth
strategies, acquisitions, investments or other strategic
initiatives successfully; the impact of an inflationary,
deflationary or higher interest rate environment; supply shortages
and other risks of acquiring land, building materials and skilled
labor and obtaining regulatory approvals; the effects of public
health issues such as a major epidemic or pandemic on the economy
and our businesses; the effects of weather conditions and natural
disasters on our business and financial results; home warranty and
construction defect claims; the effects of health and safety
incidents; reductions in the availability of performance bonds;
increases in the costs of owning a home; the effects of information
technology failures, data security breaches, and the failure to
satisfy privacy and data protection laws and regulations; the
effects of governmental regulations and environmental matters on
our homebuilding and land development operations; the effects of
governmental regulations on our financial services operations;
competitive conditions within the industries in which we operate;
our ability to manage and service our debt and comply with related
debt covenants, restrictions and limitations; the effects of
negative publicity; the effects of the loss of key personnel; and
actions by activist stockholders. Additional information about
issues that could lead to material changes in performance is
contained in D.R. Horton’s annual report on Form 10-K and its most
recent quarterly report on Form-10-Q, both of which are or will be
filed with the Securities and Exchange Commission.
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(UNAUDITED)
December 31,
2023
September 30,
2023
(In millions)
ASSETS
Cash and cash equivalents
$
3,323.4
$
3,873.6
Restricted cash
21.2
26.5
Total cash, cash equivalents and
restricted cash
3,344.6
3,900.1
Inventories:
Construction in progress and finished
homes
9,467.7
9,001.4
Residential land and lots — developed,
under development,
held for development and held for sale
11,635.1
10,680.6
Rental properties
2,947.5
2,691.3
Total inventory
24,050.3
22,373.3
Mortgage loans held for sale
2,044.1
2,519.9
Deferred income taxes, net of valuation
allowance of $14.8 million
at December 31, 2023 and September 30,
2023
175.9
187.2
Property and equipment, net
475.5
445.4
Other assets
3,127.7
2,993.0
Goodwill
163.5
163.5
Total assets
$
33,381.6
$
32,582.4
LIABILITIES
Accounts payable
$
1,260.3
$
1,246.2
Accrued expenses and other liabilities
3,227.4
3,103.8
Notes payable
5,290.4
5,094.5
Total liabilities
9,778.1
9,444.5
EQUITY
Common stock, $.01 par value,
1,000,000,000 shares authorized,
401,869,172 shares issued and 332,190,334
shares outstanding at December 31, 2023 and
401,202,253 shares issued and 334,848,565
shares outstanding at September 30, 2023
4.0
4.0
Additional paid-in capital
3,440.2
3,432.2
Retained earnings
24,437.3
23,589.8
Treasury stock, 69,678,838 shares and
66,353,688 shares at
December 31, 2023 and September 30, 2023,
respectively, at cost
(4,728.1
)
(4,329.8
)
Stockholders’ equity
23,153.4
22,696.2
Noncontrolling interests
450.1
441.7
Total equity
23,603.5
23,137.9
Total liabilities and equity
$
33,381.6
$
32,582.4
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended
December 31,
2023
2022
(In millions, except per share
data)
Revenues
$
7,726.0
$
7,257.8
Cost of sales
5,719.8
5,291.3
Selling, general and administrative
expense
835.0
737.0
Other (income) expense
(76.3
)
(37.7
)
Income before income taxes
1,247.5
1,267.2
Income tax expense
291.8
298.9
Net income
955.7
968.3
Net income attributable to noncontrolling
interests
8.3
9.6
Net income attributable to D.R. Horton,
Inc.
$
947.4
$
958.7
Basic net income per common share
attributable to D.R. Horton, Inc.
$
2.84
$
2.79
Weighted average number of common
shares
333.3
344.2
Diluted net income per common share
attributable to D.R. Horton, Inc.
$
2.82
$
2.76
Adjusted weighted average number of common
shares
335.7
346.9
Other Consolidated Financial Data
Interest charged to cost of sales
$
28.0
$
28.5
Depreciation and amortization
$
20.0
$
19.8
Interest incurred
$
42.6
$
46.2
D.R. HORTON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(UNAUDITED)
Three Months Ended
December 31,
2023
2022
(In millions)
OPERATING ACTIVITIES
Net income
$
955.7
$
968.3
Adjustments to reconcile net income to net
cash (used in) provided by operating activities:
Depreciation and amortization
20.0
19.8
Stock-based compensation expense
40.9
22.9
Deferred income taxes
11.3
3.2
Inventory and land option charges
6.1
27.5
Changes in operating assets and
liabilities:
(Increase) decrease in construction in
progress and finished homes
(466.4
)
320.7
Increase in residential land and lots
–
developed, under development, held for
development and held for sale
(937.8
)
(637.5
)
Increase in rental properties
(256.5
)
(357.0
)
(Increase) decrease in other assets
(130.0
)
330.2
Decrease in mortgage loans held for
sale
475.8
603.3
Increase (decrease) in accounts payable,
accrued expenses and other liabilities
127.5
(472.3
)
Net cash (used in) provided by operating
activities
(153.4
)
829.1
INVESTING ACTIVITIES
Expenditures for property and
equipment
(47.6
)
(47.5
)
Proceeds from sale of assets
9.9
—
Payments related to business acquisitions,
net of cash acquired
(1.0
)
(97.1
)
Other investing activities
(0.6
)
1.7
Net cash used in investing activities
(39.3
)
(142.9
)
FINANCING ACTIVITIES
Proceeds from notes payable
720.0
300.0
Repayment of notes payable
(170.0
)
(300.0
)
Payments on mortgage repurchase facility,
net
(389.9
)
(404.4
)
Proceeds from stock associated with
certain employee benefit plans
1.6
5.5
Cash paid for shares withheld for
taxes
(37.5
)
(25.7
)
Cash dividends paid
(99.9
)
(86.1
)
Repurchases of common stock
(376.9
)
(118.1
)
Net other financing activities
(10.2
)
(17.8
)
Net cash used in financing activities
(362.8
)
(646.6
)
Net (decrease) increase in cash, cash
equivalents and restricted cash
(555.5
)
39.6
Cash, cash equivalents and restricted cash
at beginning of period
3,900.1
2,572.9
Cash, cash equivalents and restricted cash
at end of period
$
3,344.6
$
2,612.5
SUPPLEMENTAL DISCLOSURES OF NON-CASH
ACTIVITIES:
Notes payable issued for inventory
$
21.9
$
31.2
Stock issued under employee incentive
plans
$
66.5
$
46.9
Repurchases of common stock not
settled
$
18.3
$
—
D.R. HORTON, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
December 31, 2023
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Assets
Cash and cash equivalents
$
2,504.1
$
117.7
$
458.9
$
226.9
$
15.8
$
3,323.4
Restricted cash
6.0
2.2
—
13.0
—
21.2
Inventories:
Construction in progress and finished
homes
9,602.5
—
—
—
(134.8
)
9,467.7
Residential land and lots
9,764.4
—
2,009.8
—
(139.1
)
11,635.1
Rental properties
—
2,962.7
—
—
(15.2
)
2,947.5
19,366.9
2,962.7
2,009.8
—
(289.1
)
24,050.3
Mortgage loans held for sale
—
—
—
2,044.1
—
2,044.1
Deferred income taxes, net
218.0
(19.9
)
—
—
(22.2
)
175.9
Property and equipment, net
444.8
2.4
5.8
4.3
18.2
475.5
Other assets
2,670.6
35.6
59.3
386.9
(24.7
)
3,127.7
Goodwill
134.3
—
—
—
29.2
163.5
$
25,344.7
$
3,100.7
$
2,533.8
$
2,675.2
$
(272.8
)
$
33,381.6
Liabilities
Accounts payable
$
1,017.0
$
424.0
$
65.3
$
—
$
(246.0
)
$
1,260.3
Accrued expenses and other liabilities
2,761.4
34.6
354.4
354.4
(277.4
)
3,227.4
Notes payable
2,355.4
950.0
705.3
1,279.7
—
5,290.4
$
6,133.8
$
1,408.6
$
1,125.0
$
1,634.1
$
(523.4
)
$
9,778.1
September 30, 2023
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Assets
Cash and cash equivalents
$
2,920.2
$
136.1
$
616.0
$
189.1
$
12.2
$
3,873.6
Restricted cash
6.5
3.3
—
16.7
—
26.5
Inventories:
Construction in progress and finished
homes
9,134.3
—
—
—
(132.9
)
9,001.4
Residential land and lots
9,021.5
—
1,790.3
—
(131.2
)
10,680.6
Rental properties
—
2,708.4
—
—
(17.1
)
2,691.3
18,155.8
2,708.4
1,790.3
—
(281.2
)
22,373.3
Mortgage loans held for sale
—
—
—
2,519.9
—
2,519.9
Deferred income taxes, net
229.8
(19.9
)
—
—
(22.7
)
187.2
Property and equipment, net
415.0
2.4
5.9
4.1
18.0
445.4
Other assets
2,838.5
29.8
58.5
250.3
(184.1
)
2,993.0
Goodwill
134.3
—
—
—
29.2
163.5
$
24,700.1
$
2,860.1
$
2,470.7
$
2,980.1
$
(428.6
)
$
32,582.4
Liabilities
Accounts payable
$
1,033.7
$
698.6
$
68.4
$
0.1
$
(554.6
)
$
1,246.2
Accrued expenses and other liabilities
2,585.5
43.2
337.4
280.4
(142.7
)
3,103.8
Notes payable
2,329.9
400.0
695.0
1,669.6
—
5,094.5
$
5,949.1
$
1,141.8
$
1,100.8
$
1,950.1
$
(697.3
)
$
9,444.5
_________________
(1)
Amounts include the balances of the
Company's other businesses, the elimination of intercompany
transactions and, to a lesser extent, purchase accounting
adjustments.
D.R. HORTON, INC. AND
SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
Three Months Ended December
31, 2023
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Revenues
Home sales
$
7,276.4
$
—
$
—
$
—
$
—
$
7,276.4
Land/lot sales and other
20.3
—
305.9
—
(264.5
)
61.7
Rental property sales
—
195.3
—
—
—
195.3
Financial services
—
—
—
192.6
—
192.6
7,296.7
195.3
305.9
192.6
(264.5
)
7,726.0
Cost of sales
Home sales (2)
5,608.0
—
—
—
(54.2
)
5,553.8
Land/lot sales and other
13.2
—
232.8
—
(222.6
)
23.4
Rental property sales
—
141.3
—
—
(4.8
)
136.5
Inventory and land option charges
5.5
0.4
0.2
—
—
6.1
5,626.7
141.7
233.0
—
(281.6
)
5,719.8
Selling, general and administrative
expense
603.4
47.4
28.0
151.5
4.7
835.0
Other (income) expense
(29.5
)
(25.1
)
(6.3
)
(24.9
)
9.5
(76.3
)
Income before income taxes
$
1,096.1
$
31.3
$
51.2
$
66.0
$
2.9
$
1,247.5
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
31.2
$
(516.2
)
$
(156.7
)
$
464.7
$
23.6
$
(153.4
)
Three Months Ended December
31, 2022
Homebuilding
Rental
Forestar
Financial Services
Eliminations and Other
(1)
Consolidated
(In millions)
Revenues
Home sales
$
6,709.2
$
—
$
—
$
—
$
—
$
6,709.2
Land/lot sales and other
34.8
—
216.7
—
(167.4
)
84.1
Rental property sales
—
327.5
—
—
—
327.5
Financial services
—
—
—
137.0
—
137.0
6,744.0
327.5
216.7
137.0
(167.4
)
7,257.8
Cost of sales
Home sales (2)
5,106.7
—
—
—
(49.0
)
5,057.7
Land/lot sales and other
4.9
—
166.8
—
(147.7
)
24.0
Rental property sales
—
183.8
—
—
(1.7
)
182.1
Inventory and land option charges
24.2
0.9
2.4
—
—
27.5
5,135.8
184.7
169.2
—
(198.4
)
5,291.3
Selling, general and administrative
expense
527.1
47.5
22.9
134.1
5.4
737.0
Other (income) expense
(13.3
)
(15.0
)
(3.3
)
(15.3
)
9.2
(37.7
)
Income before income taxes
$
1,094.4
$
110.3
$
27.9
$
18.2
$
16.4
$
1,267.2
Summary Cash Flow Information
Cash provided by (used in) operating
activities
$
313.9
$
49.4
$
(49.8
)
$
493.1
$
22.5
$
829.1
_____________________
(1)
Amounts include the results of the
Company's other businesses and the elimination of intercompany
transactions.
(2)
Amount in the Eliminations and Other
column represents the recognition of profit on lots sold from
Forestar to the homebuilding segment. Intercompany profit is
eliminated in the consolidated financial statements when Forestar
sells lots to the homebuilding segment and is recognized in the
consolidated financial statements when the homebuilding segment
closes homes on the lots to homebuyers.
D.R. HORTON, INC. AND
SUBSIDIARIES
SALES, CLOSINGS AND
BACKLOG
HOMEBUILDING SEGMENT
(Dollars in millions)
NET SALES ORDERS
Three Months Ended December
31,
2023
2022
Homes
Value
Homes
Value
Northwest
1,179
$
595.8
904
$
459.8
Southwest
2,163
1,034.9
1,254
580.5
South Central
4,832
1,554.7
3,806
1,174.1
Southeast
4,801
1,705.1
3,917
1,392.5
East
3,301
1,175.2
2,313
845.6
North
1,793
723.8
1,188
470.9
18,069
$
6,789.5
13,382
$
4,923.4
HOMES CLOSED
Three Months Ended December
31,
2023
2022
Homes
Value
Homes
Value
Northwest
1,134
$
573.7
982
$
520.1
Southwest
2,218
1,051.3
1,707
802.7
South Central
5,121
1,664.0
4,837
1,636.2
Southeast
5,494
1,990.3
5,287
1,994.4
East
3,581
1,267.9
3,015
1,143.4
North
1,792
729.2
1,512
612.4
19,340
$
7,276.4
17,340
$
6,709.2
SALES ORDER BACKLOG
As of December 31,
2023
2022
Homes
Value
Homes
Value
Northwest
592
$
300.1
646
$
366.8
Southwest
1,352
664.9
1,307
682.8
South Central
3,338
1,117.2
4,764
1,620.2
Southeast
4,123
1,588.5
5,613
2,185.4
East
3,101
1,159.7
2,384
917.0
North
1,459
612.4
1,045
447.6
13,965
$
5,442.8
15,759
$
6,219.8
D.R. HORTON, INC. AND
SUBSIDIARIES
LAND AND LOT POSITION AND
HOMES IN INVENTORY
HOMEBUILDING SEGMENT
LAND AND LOT POSITION
December 31, 2023
September 30, 2023
Land/Lots Owned
Lots Controlled
Through Land and Lot Purchase Contracts
(1)
Total Land/Lots
Owned and Controlled
Land/Lots Owned
Lots Controlled
Through Land and Lot Purchase Contracts
(1)
Total Land/Lots
Owned and Controlled
Northwest
13,400
21,900
35,300
14,100
20,300
34,400
Southwest
22,800
29,000
51,800
22,600
30,500
53,100
South Central
37,100
95,600
132,700
36,700
69,500
106,200
Southeast
26,700
135,900
162,600
24,700
132,900
157,600
East
29,700
123,600
153,300
27,700
118,400
146,100
North
15,300
56,200
71,500
15,300
55,700
71,000
145,000
462,200
607,200
141,100
427,300
568,400
24 %
76 %
100 %
25 %
75 %
100 %
_____________
(1)
Lots controlled at December 31, 2023
included approximately 33,700 lots owned or controlled by Forestar,
16,200 of which our homebuilding divisions had under contract to
purchase and 17,500 of which our homebuilding divisions had a right
of first offer to purchase. Lots controlled at September 30, 2023
included approximately 31,400 lots owned or controlled by Forestar,
14,400 of which our homebuilding divisions had under contract to
purchase and 17,000 of which our homebuilding divisions had a right
of first offer to purchase.
HOMES IN INVENTORY (1)
December 31, 2023
September 30, 2023
Northwest
3,100
2,800
Southwest
4,700
4,700
South Central
10,500
10,800
Southeast
11,700
12,100
East
7,600
7,100
North
5,000
4,500
42,600
42,000
_____________
(1)
Homes in inventory exclude model homes and
homes related to our rental operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240123629399/en/
D.R. Horton, Inc. Jessica Hansen, 817-390-8200 Senior Vice
President - Communications InvestorRelations@drhorton.com
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