D.R. Horton(DHI) - 2024 Q4 - Annual Results

Financial Performance - Earnings per diluted share for Q4 fiscal 2024 were $3.92, with net income of $1.3 billion, while for the fiscal year, earnings per diluted share increased 4% to $14.34 on net income of $4.8 billion[1]. - Consolidated revenues for Q4 fiscal 2024 decreased 5% to $10.0 billion, but increased 4% for the fiscal year to $36.8 billion[2]. - The net income attributable to D.R. Horton, Inc. for the three months ended September 30, 2024, was $1,283.4 million, down 15.0% from $1,509.7 million in the same period of 2023[31]. - Net income for the year ended September 30, 2024, was $4,806.0 million, a slight increase from $4,795.2 million in 2023, representing a growth of 0.2%[33]. - The company reported a diluted net income per common share of $3.92 for the three months ended September 30, 2024, down from $4.45 in the same period of 2023[30]. Revenue and Sales - Home sales revenues for Q4 fiscal 2024 were $8.9 billion from 23,647 homes closed, with fiscal year home sales revenues increasing 7% to $33.9 billion from 89,690 homes closed[1][8]. - Net sales orders in Q4 fiscal 2024 increased 1% to 19,035 homes, while for the fiscal year, net sales orders increased 10% to 86,561 homes[11]. - Home sales for the year ended September 30, 2024, reached $33,903.6 million, an increase from $31,641.0 million in the previous year[37]. - Home sales for the three months ended September 30, 2024, were $8,929.4 million, compared to $8,779.0 million in the same period of the previous year[36]. - The company reported a total of 86,561 homes ordered in the year ended September 30, 2024, with a value of $32,714.0 million, compared to 78,342 homes valued at $29,527.9 million in 2023, reflecting an increase in orders[41]. Cash and Dividends - The company maintained a cash and cash equivalents balance of $4,516.4 million as of September 30, 2024, an increase of 16.6% from $3,873.6 million a year earlier[27]. - The quarterly cash dividend was increased by 33% to $0.40 per share, with total dividends paid during the year amounting to $395.2 million[20]. - Cash dividends paid rose to $395.2 million from $341.2 million, representing an increase of 15.8%[33]. Expenses and Liabilities - Selling, general and administrative expenses increased to $960.2 million for the three months ended September 30, 2024, compared to $886.2 million in the same period of 2023, reflecting an increase of 8.3%[31]. - The company’s total liabilities were reported at $9,444.5 million, up from $5,949.1 million, indicating a substantial increase of 58.5%[35]. Inventory and Land Position - D.R. Horton has 37,400 homes in inventory and is focused on affordable product offerings to address housing demand[25]. - Homes in inventory as of September 30, 2024, totaled 37,400, down from 42,000 in 2023, indicating a reduction in inventory levels[45]. - The total land and lots owned and controlled by the company as of September 30, 2024, is 632,900, compared to 568,400 in 2023, showing an increase in land position[44]. Future Outlook - For fiscal 2025, the company expects consolidated revenues of approximately $36.0 billion to $37.5 billion and homes closed between 90,000 and 92,000[22]. - D.R. Horton expects to generate increasing levels of consolidated operating cash flows and maintains a disciplined approach to capital allocation[25].