Forestar (US:FOR)2024-10-29 16:19Financial Performance - Net income for fiscal 2024 increased 22% to $203.4 million, or $4.00 per diluted share, compared to $166.9 million, or $3.33 per diluted share, in fiscal 2023[3] - Revenues for fiscal 2024 increased 5% to $1.5 billion from $1.4 billion in fiscal 2023, with 15,068 lots sold[3] - Net income for the three months ended September 30, 2024, was $81.6 million, compared to $72.4 million in the same period of 2023, reflecting a year-over-year increase of 12.5%[18] - Basic net income per common share increased to $1.61 for the three months ended September 30, 2024, up from $1.45 in the same period of 2023, marking an increase of 11.0%[18] - The income before income taxes for the three months ended September 30, 2024, was $108.5 million, compared to $95.4 million in the same period of 2023, showing an increase of 13.6%[18] Sales and Lots - Lots sold during fiscal 2024 increased 7% to 15,068 lots compared to 14,040 lots in fiscal 2023[6] - The company delivered over 15,000 finished lots in fiscal 2024, exceeding the high end of its recent guidance range[10] - Residential lot sales from development projects totaled $496.4 million for the three months ended September 30, 2024, compared to $485.4 million in the same period of 2023, indicating a growth of 2.1%[19] - The average sales price per lot was $97,300 for the three months ended September 30, 2024, slightly down from $97,400 in the same period of 2023[20] - The company owned 20,500 lots under contract to sell to D.R. Horton, an increase from 14,400 lots in the previous year, reflecting a growth of 42.4%[20] Assets and Liquidity - The company ended fiscal 2024 with $481.2 million of unrestricted cash and $377.2 million of available borrowing capacity, totaling $858.4 million in liquidity[9] - Debt at September 30, 2024, totaled $706.4 million, with no senior note maturities until fiscal 2026[9] - The total lots owned and controlled increased to 95,100 as of September 30, 2024, compared to 79,200 as of September 30, 2023, representing a growth of 20.1%[20] - The company owned and controlled 95,100 lots as of September 30, 2024, with 21,000 lots under contract to be sold, representing approximately $1.9 billion of future revenue[7] Expenses - Selling, general and administrative expenses rose to $32.0 million for the three months ended September 30, 2024, compared to $26.4 million in the same period of 2023, an increase of 21.3%[18] Investment - Over the last five years, the company invested approximately $6.7 billion in land acquisition and development, delivering over 70,000 finished lots[11] Future Outlook - The company expects to deliver between 16,000 and 16,500 lots in fiscal 2025, generating $1.6 billion to $1.65 billion of revenue[12] Quarterly Revenue - Total revenues for the three months ended September 30, 2024, were $551.4 million, a slight increase from $549.7 million in the same period of 2023, representing a growth of 0.3%[19] Asset Sales - The company reported a gain on the sale of assets of $(4.5) million for the three months ended September 30, 2024, compared to no gain in the same period of 2023[18]