Economic Indicators - Initial Jobless Claims for last week were reported at 212K, below the expected 215K, indicating a return to pre-pandemic norms [1] - Continuing Claims stood at 1.812 million, slightly above the previous week's 1.810 million, reflecting stability in the labor market [2] - The April Philly Fed survey reported a surprising 15.5, the highest in two years, surpassing the estimate of 1.5-2.5 and indicating positive manufacturing trends [3] Company Earnings - D.R. Horton (DHI) reported fiscal Q2 earnings of $3.52 per share, exceeding the Zacks consensus of $3.08, with revenues of $9.11 billion beating estimates of $8.27 billion [4] - D.R. Horton raised its full-year revenue guidance by 3.6%, positively impacting its stock price [4] - Netflix (NFLX) is expected to report Q1 earnings with a projected 56% year-over-year earnings growth and a 13.5% increase in revenues [4]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Fiscal 2024 Second Quarter Performance](index=1&type=section&id=Fiscal%202024%20Second%20Quarter%20Performance) D.R. Horton reported strong Q2 FY2024 results with significant increases in net income, consolidated pre-tax income, and revenues, driven by higher homes closed and net sales orders | Metric | Q2 FY24 (Millions) | YoY Change | Per Diluted Share | YoY Change (Per Share) | | :-------------------------------- | :----------------- | :--------- | :---------------- | :----------------------- | | Net Income | $1,200 | +24% | $3.52 | +29% | | Consolidated Pre-Tax Income | $1,500 | +23% | - | - | | Consolidated Revenues | $9,100 | +14% | - | - | | Homes Closed (Units) | 22,548 | +15% | - | - | | Homes Closed (Value) | $8,500 | +14% | - | - | | Net Sales Orders (Units) | 26,456 | +14% | - | - | | Net Sales Orders (Value) | $10,100 | +17% | - | - | | Rental Operations Pre-Tax Income | $33.3 | -4% | - | - | | Rental Operations Revenues | $371.3 | +66% | - | - | - Repurchased **2.7 million shares** of common stock for **$402.2 million** and paid cash dividends of **$99.2 million**[1](index=1&type=chunk) [Six Months Ended March 31, 2024 Performance](index=1&type=section&id=Six%20Months%20Ended%20March%2031%2C%202024%20Performance) For the first six months of fiscal 2024, the company continued its growth trajectory with increased net income, diluted EPS, and consolidated revenues compared to the prior year period | Metric | 6M FY24 (Millions) | YoY Change | Per Diluted Share | YoY Change (Per Share) | | :-------------------------------- | :----------------- | :--------- | :---------------- | :----------------------- | | Net Income Attributable to D.R. Horton | $2,100 | +11% | $6.34 | +15% | | Consolidated Revenues | $16,800 | +11% | - | - | - Return on Equity (ROE) was **22.2%** for the trailing twelve months ended March 31, 2024[2](index=2&type=chunk) - Homebuilding Return on Inventory (ROI) was **29.9%** for the trailing twelve months ended March 31, 2024[2](index=2&type=chunk) [Financial Position and Liquidity](index=1&type=section&id=Financial%20Position%20and%20Liquidity) The company maintains a strong financial position with substantial liquidity and a low debt-to-total-capital ratio, providing significant financial flexibility | Metric | Amount (Millions) | | :-------------------------- | :---------------- | | Consolidated Cash Balance | $3,100 | | Available Credit Facilities | $2,600 | | Total Liquidity | $5,700 | | Total Debt | $5,900 | | Debt to Total Capital Ratio | 20.0% | - No senior note maturities in fiscal 2024[3](index=3&type=chunk) [Management Commentary and Strategic Focus](index=1&type=section&id=Management%20Commentary%20and%20Strategic%20Focus) Chairman Donald R. Horton highlighted solid Q2 results, driven by increased sales orders despite elevated inflation and mortgage rates, and emphasized the company's focus on affordable product offerings, flexible lot supply, maximizing returns, generating strong cash flows, and returning capital to shareholders - Net sales orders increased **46%** from the first quarter and **14%** from the prior year quarter, supported by limited supply of affordable homes and favorable demographics[4](index=4&type=chunk) - The company is increasing its fiscal 2024 guidance for homes closed and consolidated revenues[4](index=4&type=chunk) - Strategic focus includes maximizing returns, generating strong cash flows, maintaining strong liquidity and low leverage, and consistently returning capital to shareholders through increasing dividends and share repurchases[5](index=5&type=chunk) [Business Segment Performance](index=2&type=section&id=Business%20Segment%20Performance) [Homebuilding Operations](index=2&type=section&id=Homebuilding%20Operations) D.R. Horton's homebuilding segment demonstrated robust growth in Q2 and the first six months of fiscal 2024, with significant increases in revenue, homes closed, and pre-tax income, alongside an improved pre-tax profit margin [Revenue and Closings](index=2&type=section&id=Revenue%20and%20Closings) | Metric | Q2 FY24 (Millions) | YoY Change | 6M FY24 (Millions) | YoY Change | | :----------------- | :----------------- | :--------- | :----------------- | :--------- | | Homebuilding Revenue | $8,500 | +13% | $15,800 | +11% | | Homes Closed (Units) | 22,548 | +15% | 41,888 | +13% | [Profitability](index=2&type=section&id=Profitability) | Metric | Q2 FY24 (Millions) | YoY Change | Q2 FY24 Margin | Q2 FY23 Margin | 6M FY24 (Millions) | YoY Change | 6M FY24 Margin | 6M FY23 Margin | | :------------------------- | :----------------- | :--------- | :------------- | :------------- | :----------------- | :--------- | :------------- | :------------- | | Homebuilding Pre-Tax Income | $1,400 | +27% | 16.0% | 14.3% | $2,500 | +14% | 15.6% | 15.2% | - Net cash provided by homebuilding operations for the six months ended March 31, 2024, was **$408.3 million**[7](index=7&type=chunk) [Sales Orders and Backlog](index=2&type=section&id=Sales%20Orders%20and%20Backlog) | Metric | Q2 FY24 (Units) | YoY Change | Q2 FY24 (Value) | YoY Change | 6M FY24 (Units) | YoY Change | 6M FY24 (Value) | YoY Change | | :-------------------- | :-------------- | :--------- | :-------------- | :--------- | :-------------- | :--------- | :-------------- | :--------- | | Net Sales Orders | 26,456 | +14% | $10,100 | +17% | 44,525 | +22% | $16,900 | +24% | - The cancellation rate for Q2 FY24 was **15%**, down from **18%** in the prior year quarter[8](index=8&type=chunk) | Metric | March 31, 2024 (Units) | YoY Change | March 31, 2024 (Value) | YoY Change | | :-------------------- | :--------------------- | :--------- | :--------------------- | :--------- | | Sales Order Backlog | 17,873 | -7% | $7,000 | -5% | [Inventory and Land Position](index=2&type=section&id=Inventory%20and%20Land%20Position) - At March 31, 2024, the Company had **45,000 homes** in inventory, of which **27,600** were unsold and **7,300** were completed[9](index=9&type=chunk) - The homebuilding land and lot portfolio totaled **617,200 lots**, with **23%** owned and **77%** controlled through land and lot purchase contracts[9](index=9&type=chunk) - **62%** of homes closed during the three and six months ended March 31, 2024, were on lots developed by Forestar or third parties[9](index=9&type=chunk) [Rental Operations](index=2&type=section&id=Rental%20Operations) Rental operations saw increased revenues in Q2 FY24, driven by higher sales of single-family and multi-family rental units, though pre-tax income for the six-month period decreased [Financial Performance](index=2&type=section&id=Financial%20Performance) | Metric | Q2 FY24 (Millions) | YoY Change | 6M FY24 (Millions) | YoY Change | | :------------------------- | :----------------- | :--------- | :----------------- | :--------- | | Rental Operations Revenues | $371.3 | +66% | $566.5 | +3% | | Rental Operations Pre-Tax Income | $33.3 | -4% | $64.6 | -55% | [Single-Family Rental Properties](index=2&type=section&id=Single-Family%20Rental%20Properties) | Metric | Q2 FY24 (Units) | YoY Change | Q2 FY24 (Value) | 6M FY24 (Units) | YoY Change | 6M FY24 (Value) | | :-------------------------- | :-------------- | :--------- | :-------------- | :-------------- | :--------- | :-------------- | | Single-Family Rental Homes Sold | 1,109 | +54% | $301.3 | 1,488 | +5% | $417.3 | - At March 31, 2024, single-family rental property inventory was **$1.3 billion**, consisting of **5,230 homes** (**4,450 completed**) and **2,740 lots** (**1,070 finished**)[11](index=11&type=chunk) [Multi-Family Rental Properties](index=2&type=section&id=Multi-Family%20Rental%20Properties) | Metric | Q2 FY24 (Units) | YoY Change | Q2 FY24 (Value) | 6M FY24 (Units) | YoY Change | 6M FY24 (Value) | | :-------------------------- | :-------------- | :--------- | :-------------- | :-------------- | :--------- | :-------------- | | Multi-Family Rental Units Sold | 424 | N/A | $70.0 | 724 | +141% | $149.2 | - At March 31, 2024, multi-family rental property inventory was **$1.8 billion**, consisting of **10,990 units** (**8,040 under active construction**, **2,950 completed**)[12](index=12&type=chunk) [Forestar (Lot Development)](index=3&type=section&id=Forestar%20(Lot%20Development)) Forestar, D.R. Horton's majority-owned subsidiary, reported strong growth in lots sold, revenue, and pre-tax income, with improved pre-tax profit margins in both the second quarter and the first six months of fiscal 2024 | Metric | Q2 FY24 (Units) | YoY Change | Q2 FY24 (Value) | YoY Change | Q2 FY24 Margin | 6M FY24 (Units) | YoY Change | 6M FY24 (Value) | YoY Change | 6M FY24 Margin | | :-------------------- | :-------------- | :--------- | :-------------- | :--------- | :------------- | :-------------- | :--------- | :-------------- | :--------- | :------------- | | Lots Sold | 3,289 | +10% | - | - | - | 6,439 | +23% | - | - | - | | Revenue | - | - | $333.8 | +11% | - | - | - | $639.7 | +23% | - | | Pre-Tax Income | - | - | $58.9 | +64% | 17.6% | - | - | $110.1 | +73% | 17.2% | [Financial Services](index=3&type=section&id=Financial%20Services) Financial services revenues increased in Q2 and the first six months of fiscal 2024, with a notable improvement in pre-tax income and profit margin for the six-month period, despite a slight dip in Q2 pre-tax income | Metric | Q2 FY24 (Millions) | YoY Change | Q2 FY24 Margin | Q2 FY23 Margin | 6M FY24 (Millions) | YoY Change | 6M FY24 Margin | 6M FY23 Margin | | :-------------------- | :----------------- | :--------- | :------------- | :------------- | :----------------- | :--------- | :------------- | :------------- | | Revenues | $225.6 | +4% | - | - | $418.2 | +18% | - | - | | Pre-Tax Income | $78.0 | -9% | 34.6% | 39.6% | $144.0 | +39% | 34.4% | 29.4% | [Capital Allocation](index=3&type=section&id=Capital%20Allocation) [Dividends](index=3&type=section&id=Dividends) D.R. Horton paid $99.2 million in cash dividends in Q2 FY24 and declared a quarterly cash dividend of $0.30 per common share - Cash dividends paid during Q2 FY24 totaled **$99.2 million**, bringing the six-month total to **$199.1 million**[16](index=16&type=chunk) - A quarterly cash dividend of **$0.30 per common share** was declared, payable on May 9, 2024[16](index=16&type=chunk) [Share Repurchases](index=3&type=section&id=Share%20Repurchases) The company actively repurchased common stock in Q2 and the first six months of fiscal 2024, with a significant remaining authorization for future repurchases | Metric | Q2 FY24 | 6M FY24 | | :-------------------------- | :-------------------- | :-------------------- | | Shares Repurchased | 2.7 million shares | 6.1 million shares | | Value of Repurchases | $402.2 million | $800.5 million | | Remaining Authorization (March 31, 2024) | - | $901.1 million | [Fiscal 2024 Guidance Update](index=3&type=section&id=Fiscal%202024%20Guidance%20Update) [Fiscal 2024 Guidance Update](index=3&type=section&id=Fiscal%202024%20Guidance%20Update) D.R. Horton updated its fiscal 2024 guidance, increasing projections for consolidated revenues and homes closed, while reiterating its cash flow guidance from homebuilding operations | Metric | Updated Fiscal 2024 Guidance | | :---------------------------------- | :--------------------------- | | Consolidated Revenues | $36.7 billion to $37.7 billion | | Homes Closed (Homebuilding) | 89,000 homes to 91,000 homes | | Share Repurchases | Approximately $1.6 billion | | Income Tax Rate | Approximately 23.5% to 24.0% | - The Company reiterates its fiscal 2024 guidance for cash flow provided by homebuilding operations of approximately **$3.0 billion**[18](index=18&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) [About D.R. Horton, Inc.](index=4&type=section&id=About%20D.R.%20Horton%2C%20Inc.) D.R. Horton is the largest U.S. homebuilder by volume since 2002, operating in 119 markets across 33 states, offering diverse product portfolios including single-family and multi-family rental properties, and providing mortgage, title, and insurance services. It is also the majority owner of Forestar Group Inc - D.R. Horton has been the largest homebuilder by volume in the United States since 2002, closing over **1,000,000 homes** in its 45-year history[20](index=20&type=chunk) - Operations span **119 markets** in **33 states**, constructing and selling high-quality homes with prices generally ranging from **$200,000** to over **$1,000,000**, as well as single-family and multi-family rental properties[20](index=20&type=chunk) - The company provides mortgage financing, title services, and insurance agency services for homebuyers and is the majority-owner of Forestar Group Inc[20](index=20&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The document contains forward-looking statements based on reasonable assumptions, but actual outcomes may differ materially due to various factors, including economic conditions, capital markets, interest rates, supply chain issues, and regulatory changes - Forward-looking statements are subject to risks and uncertainties, and actual outcomes may be materially different from expectations[21](index=21&type=chunk) - Key factors that may cause actual results to differ include the cyclical nature of the industries, adverse developments in capital markets, changes in mortgage financing, risks associated with inventory, ability to effect growth strategies, inflationary/higher interest rate environments, supply shortages, public health issues, weather, and governmental regulations[22](index=22&type=chunk) [Conference Call and Contact Information](index=3&type=section&id=Conference%20Call%20and%20Contact%20Information) Details for the Q2 FY24 earnings conference call and webcast, along with investor relations contact information - A conference call was scheduled for April 18, 2024, at 8:30 a.m. Eastern Time, with webcast available at investor.drhorton.com[19](index=19&type=chunk) - Investor relations contact is Jessica Hansen, Senior Vice President - Communications[23](index=23&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet shows an increase in total assets, primarily driven by inventories, and a corresponding increase in total liabilities and equity from September 30, 2023, to March 31, 2024 | Metric | March 31, 2024 (Millions) | September 30, 2023 (Millions) | | :---------------------------------- | :-------------------------- | :---------------------------- | | Total Assets | $34,398.2 | $32,582.4 | | Total Inventory | $24,840.0 | $22,373.3 | | Total Liabilities | $10,101.8 | $9,444.5 | | Stockholders' Equity | $23,815.5 | $22,696.2 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations reflect strong revenue growth and increased net income for both the second quarter and the first six months of fiscal 2024 compared to the prior year periods | Metric | Q2 FY24 (Millions) | Q2 FY23 (Millions) | YoY Change | 6M FY24 (Millions) | 6M FY23 (Millions) | YoY Change | | :------------------------------------ | :----------------- | :----------------- | :--------- | :----------------- | :----------------- | :--------- | | Revenues | $9,107.2 | $7,972.9 | +14.2% | $16,833.1 | $15,230.6 | +10.5% | | Income before Income Taxes | $1,528.5 | $1,245.3 | +22.7% | $2,776.0 | $2,512.5 | +10.5% | | Net Income Attributable to D.R. Horton | $1,172.1 | $942.2 | +24.4% | $2,119.5 | $1,900.9 | +11.5% | | Diluted Net Income per Common Share | $3.52 | $2.73 | +29.0% | $6.34 | $5.50 | +15.3% | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended March 31, 2024, the company experienced a net cash outflow from operating activities, a decrease in cash used in investing activities, and a reduced net cash outflow from financing activities, resulting in an overall net decrease in cash | Cash Flow Activity | 6M FY24 (Millions) | 6M FY23 (Millions) | | :------------------------------------ | :----------------- | :----------------- | | Net Cash (Used in) Provided by Operating Activities | $(470.1) | $1,473.6 | | Net Cash Used in Investing Activities | $(66.0) | $(180.6) | | Net Cash Used in Financing Activities | $(270.6) | $(791.3) | | Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | $(806.7) | $501.7 | | Cash, Cash Equivalents and Restricted Cash at End of Period | $3,093.4 | $3,074.6 | [Segment Financial Information](index=8&type=section&id=Segment%20Financial%20Information) [Segment Assets and Liabilities](index=8&type=section&id=Segment%20Assets%20and%20Liabilities) Segment-level balance sheet data for March 31, 2024, and September 30, 2023, shows the distribution of assets and liabilities across Homebuilding, Rental, Forestar, and Financial Services segments, with Homebuilding holding the largest share of assets and liabilities | Segment | Assets (March 31, 2024, Millions) | Liabilities (March 31, 2024, Millions) | | :---------------- | :-------------------------------- | :----------------------------------- | | Homebuilding | $25,552.4 | $5,917.7 | | Rental | $3,228.0 | $1,408.5 | | Forestar | $2,598.7 | $1,125.7 | | Financial Services | $3,213.3 | $2,111.9 | [Segment Operating Results](index=9&type=section&id=Segment%20Operating%20Results) Segment operating results for Q2 and the first six months of fiscal 2024 detail revenues, costs, and pre-tax income contributions from Homebuilding, Rental, Forestar, and Financial Services, highlighting the Homebuilding segment as the primary driver of profitability | Segment | Q2 FY24 Pre-Tax Income (Millions) | 6M FY24 Pre-Tax Income (Millions) | | :---------------- | :------------------------------ | :------------------------------ | | Homebuilding | $1,357.6 | $2,453.7 | | Rental | $33.3 | $64.6 | | Forestar | $58.9 | $110.1 | | Financial Services | $78.0 | $144.0 | - Net cash provided by homebuilding operating activities for the six months ended March 31, 2024, was **$408.3 million**, while rental operations used **$(653.9) million**[28](index=28&type=chunk) [Homebuilding Operational Data by Region](index=11&type=section&id=Homebuilding%20Operational%20Data%20by%20Region) [Sales Order Backlog](index=11&type=section&id=Sales%20Order%20Backlog) The sales order backlog for the homebuilding segment decreased across most regions as of March 31, 2024, compared to the prior year, both in terms of homes and value | Region | March 31, 2024 (Homes) | March 31, 2023 (Homes) | YoY Change (Homes) | March 31, 2024 (Value, Millions) | March 31, 2023 (Value, Millions) | YoY Change (Value) | | :------------- | :--------------------- | :--------------------- | :----------------- | :------------------------------- | :------------------------------- | :----------------- | | Northwest | 733 | 745 | -1.6% | $393.3 | $400.1 | -1.7% | | Southwest | 1,755 | 1,429 | +22.8% | $894.4 | $731.0 | +22.3% | | South Central | 4,261 | 5,206 | -18.1% | $1,446.0 | $1,757.7 | -17.7% | | Southeast | 4,990 | 6,541 | -23.7% | $1,893.1 | $2,478.3 | -23.7% | | East | 4,019 | 3,514 | +14.4% | $1,503.7 | $1,281.5 | +17.3% | | North | 2,115 | 1,802 | +17.4% | $908.8 | $751.4 | +20.9% | | **Total** | **17,873** | **19,237** | **-7.1%** | **$7,039.3** | **$7,400.0** | **-4.9%** | [Net Sales Orders](index=11&type=section&id=Net%20Sales%20Orders) Net sales orders for the homebuilding segment increased significantly across all regions in both the second quarter and the first six months of fiscal 2024, indicating strong demand | Region | Q2 FY24 (Homes) | Q2 FY23 (Homes) | YoY Change (Homes) | Q2 FY24 (Value, Millions) | Q2 FY23 (Value, Millions) | YoY Change (Value) | | :------------- | :-------------- | :-------------- | :----------------- | :------------------------ | :------------------------ | :----------------- | | Northwest | 1,617 | 1,379 | +17.3% | $833.1 | $724.1 | +15.0% | | Southwest | 3,068 | 1,995 | +53.8% | $1,512.3 | $953.7 | +58.6% | | South Central | 7,021 | 6,021 | +16.6% | $2,287.2 | $1,941.5 | +17.8% | | Southeast | 6,985 | 6,679 | +4.6% | $2,489.8 | $2,397.5 | +3.8% | | East | 4,978 | 4,482 | +11.1% | $1,785.1 | $1,570.8 | +13.6% | | North | 2,787 | 2,586 | +7.8% | $1,155.7 | $1,042.3 | +10.9% | | **Total** | **26,456** | **23,142** | **+14.3%** | **$10,063.2** | **$8,629.9** | **+16.6%** | | Region | 6M FY24 (Homes) | 6M FY23 (Homes) | YoY Change (Homes) | 6M FY24 (Value, Millions) | 6M FY23 (Value, Millions) | YoY Change (Value) | | :------------- | :-------------- | :-------------- | :----------------- | :------------------------ | :------------------------ | :----------------- | | Northwest | 2,796 | 2,283 | +22.5% | $1,428.9 | $1,183.9 | +20.7% | | Southwest | 5,231 | 3,249 | +61.0% | $2,547.3 | $1,534.2 | +66.0% | | South Central | 11,853 | 9,827 | +20.6% | $3,841.8 | $3,115.6 | +23.3% | | Southeast | 11,786 | 10,596 | +11.2% | $4,194.9 | $3,789.9 | +10.7% | | East | 8,279 | 6,795 | +21.8% | $2,960.3 | $2,416.4 | +22.5% | | North | 4,580 | 3,774 | +21.4% | $1,879.5 | $1,513.2 | +24.2% | | **Total** | **44,525** | **36,524** | **+21.9%** | **$16,852.7** | **$13,553.2** | **+24.3%** | [Homes Closed](index=11&type=section&id=Homes%20Closed) Homes closed by the homebuilding segment increased across all regions in both the second quarter and the first six months of fiscal 2024, contributing to overall revenue growth | Region | Q2 FY24 (Homes) | Q2 FY23 (Homes) | YoY Change (Homes) | Q2 FY24 (Value, Millions) | Q2 FY23 (Value, Millions) | YoY Change (Value) | | :------------- | :-------------- | :-------------- | :----------------- | :------------------------ | :------------------------ | :----------------- | | Northwest | 1,476 | 1,280 | +15.3% | $739.9 | $690.7 | +7.1% | | Southwest | 2,665 | 1,873 | +42.3% | $1,282.9 | $905.5 | +41.7% | | South Central | 6,098 | 5,579 | +9.3% | $1,958.4 | $1,804.1 | +8.6% | | Southeast | 6,118 | 5,751 | +6.4% | $2,185.2 | $2,104.6 | +3.8% | | East | 4,060 | 3,352 | +21.1% | $1,441.1 | $1,206.3 | +19.5% | | North | 2,131 | 1,829 | +16.5% | $859.2 | $738.5 | +16.3% | | **Total** | **22,548** | **19,664** | **+14.7%** | **$8,466.7** | **$7,449.7** | **+13.7%** | | Region | 6M FY24 (Homes) | 6M FY23 (Homes) | YoY Change (Homes) | 6M FY24 (Value, Millions) | 6M FY23 (Value, Millions) | YoY Change (Value) | | :------------- | :-------------- | :-------------- | :----------------- | :------------------------ | :------------------------ | :----------------- | | Northwest | 2,610 | 2,262 | +15.4% | $1,313.6 | $1,210.8 | +8.5% | | Southwest | 4,883 | 3,580 | +36.4% | $2,334.2 | $1,708.2 | +36.6% | | South Central | 11,219 | 10,416 | +7.7% | $3,622.4 | $3,440.2 | +5.3% | | Southeast | 11,612 | 11,038 | +5.2% | $4,175.4 | $4,099.1 | +1.9% | | East | 7,641 | 6,367 | +20.0% | $2,709.1 | $2,349.7 | +15.3% | | North | 3,923 | 3,341 | +17.4% | $1,588.4 | $1,350.9 | +17.6% | | **Total** | **41,888** | **37,004** | **+13.2%** | **$15,743.1** | **$14,158.9** | **+11.2%** | [Land and Lot Position](index=12&type=section&id=Land%20and%20Lot%20Position) The homebuilding segment's total land and lot position increased as of March 31, 2024, with a continued strategy of controlling a majority of lots through purchase contracts rather than outright ownership | Metric | March 31, 2024 (Lots) | September 30, 2023 (Lots) | Change | | :-------------------------- | :-------------------- | :------------------------ | :----- | | Total Land/Lots Owned | 143,900 | 141,100 | +2,800 | | Total Land/Lots Controlled | 473,300 | 427,300 | +46,000 | | **Total Owned and Controlled** | **617,200** | **568,400** | **+48,800** | - At March 31, 2024, **23%** of lots were owned and **77%** were controlled through land and lot purchase contracts[38](index=38&type=chunk) - Lots controlled included approximately **34,300 lots** owned or controlled by Forestar, with **17,300** under contract to purchase and **17,000** with a right of first offer[38](index=38&type=chunk) [Homes in Inventory](index=12&type=section&id=Homes%20in%20Inventory) The total number of homes in inventory for the homebuilding segment increased as of March 31, 2024, compared to September 30, 2023, with notable increases in the South Central and East regions | Region | March 31, 2024 (Homes) | September 30, 2023 (Homes) | Change | | :------------- | :--------------------- | :------------------------- | :----- | | Northwest | 2,800 | 2,800 | 0 | | Southwest | 4,500 | 4,700 | -200 | | South Central | 11,900 | 10,800 | +1,100 | | Southeast | 12,200 | 12,100 | +100 | | East | 8,500 | 7,100 | +1,400 | | North | 5,100 | 4,500 | +600 | | **Total** | **45,000** | **42,000** | **+3,000** |

Thursday, April 18th, 2024Pre-market futures are positive across the board at this hour. We do see some discrepancies, depending on the index, particularly after this mornings earnings reports and economic prints have hit the tape: the Dow has moved from +50 points to +70, the Nasdaq has gone from +40 points to +25, and the S&P 500 has remained steady at +5 points so far in early trading. So far this week, all three indices are in the red over the past month — as of this past weekend.Initial Jobless Claims ...

For the quarter ended March 2024, D.R. Horton (DHI) reported revenue of $9.11 billion, up 14.2% over the same period last year. EPS came in at $3.52, compared to $2.73 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $8.27 billion, representing a surprise of +10.19%. The company delivered an EPS surprise of +14.29%, with the consensus EPS estimate being $3.08.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street e ...

Key PointsD.R. Horton had another solid quarter and guided the market higher for 2024. The backlog is growing sequentially and supports accelerating growth: all they have to do is build the houses. Dividends, share repurchases, rising equity, and increasing book value will help drive this stock to new highs. 5 stocks we like better than D.R. HortonAs many reasons as there are to be skeptical of the rally in homebuilder stocks, names like D.R. Horton NYSE: DHI are trending higher and will continue to rise. T ...

Key TakeawaysD.R. Horton shares climbed ahead of market open Thursday, after the homebuilder reported second-quarter earnings that beat estimates.A number of D.R. Horton's key metrics rose from the year-ago period, including revenue, homes closed, and total net sales orders.Following D.R. Horton's earnings, a number of other homebuilders are set to report earnings over the next few weeks. D.R. Horton (DHI) shares climbed close to 4% in premarket trading Thursday after reporting second-quarter results that s ...

Company Performance - D.R. Horton reported quarterly earnings of $3.52 per share, exceeding the Zacks Consensus Estimate of $3.08 per share, and up from $2.73 per share a year ago, representing an earnings surprise of 14.29% [1] - The company achieved revenues of $9.11 billion for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 10.19%, compared to $7.97 billion in the same quarter last year [1] - Over the last four quarters, D.R. Horton has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [1] Market Performance - D.R. Horton shares have declined approximately 4.1% since the beginning of the year, while the S&P 500 has gained 5.3% [2] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at $3.98 for the coming quarter and $14.21 for the current fiscal year [4] Industry Context - The Building Products - Home Builders industry, to which D.R. Horton belongs, is currently ranked in the top 15% of over 250 Zacks industries, indicating a favorable outlook [4] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, with D.R. Horton currently holding a Zacks Rank 2 (Buy) [3]

The housing market is feeling the squeeze as mortgage rates climb, deterring potential buyers and stalling the housing recovery. March's homebuilding data highlights this trend, with single-family homebuilding taking a hit.Permits for future construction and housing starts both fell short of expectations, reflecting the impact of rising mortgage rates on market activity. Builder hopes for lower interest rates have dimmed, complicating the outlook for the housing sector.Key TakeawaysAccording to Commerce Dep ...

NVR, Inc. (NVR) has been benefiting from improving demand amid low existing home inventory, prevailing economic conditions and interest rate woes.NVR, which engages in the construction and sale of single-family detached homes, townhomes and condominium buildings, banks on a disciplined business model and strong orders and backlog.Also, a focus on maximizing liquidity and minimizing risks is likely to help this Zacks Rank #1 (Strong Buy) company generate more returns for shareholders in the long term.Along w ...

D.R. Horton Inc. (DHI) is slated to report second-quarter fiscal 2024 (ended Mar 31, 2024) results on Apr 18, before the opening bell.In the last reported quarter, the company’s earnings missed the Zacks Consensus Estimate by 2.1%, but revenues beat the same by 1.4%, respectively. Yet, earnings and revenues of this homebuilding company grew 2% and 6.5% from the year-ago reported figures.Markedly, D.R. Horton reported better-than-expected earnings in 19 of the last 20 quarters.The Trend in Estimate RevisionT ...