D.R. Horton(US:DHI)2025-01-21 18:08Financial Performance - Net income per diluted share decreased 7% to $2.61 in Q1 fiscal 2025 compared to $2.82 in Q1 fiscal 2024[2] - Consolidated revenues decreased 1% to $7.6 billion in Q1 fiscal 2025 compared to $7.7 billion in Q1 fiscal 2024[2] - Net income attributable to D.R. Horton decreased 11% to $844.9 million in Q1 fiscal 2025 compared to $947.4 million in Q1 fiscal 2024[2] - Net income decreased by 10.9% from $955.7 million to $851.9 million[32] - Basic net income per common share decreased from $2.84 to $2.63, a decline of 7.4%[32] - Consolidated income before income taxes was $1,109.9 million in Q4 2024, down from $1,247.5 million in Q4 2023[39] Revenue and Sales - Homes closed decreased 1% to 19,059 in Q1 fiscal 2025 compared to 19,340 in Q1 fiscal 2024[9] - Net sales orders decreased 1% to 17,837 homes and 2% in value to $6.7 billion in Q1 fiscal 2025 compared to 18,069 homes and $6.8 billion in Q1 fiscal 2024[12] - Homebuilding segment revenue for Q4 2024 was $7,146.0 million, a slight decrease from $7,276.4 million in Q4 2023[39] - Total homes closed in Q4 2024 were 17,837 with a value of $6.6535 billion, compared to 18,069 homes and $6.7895 billion in Q4 2023[42] - Sales order backlog as of December 31, 2024, was 11,003 homes valued at $4.299 billion, down from 13,965 homes and $5.4428 billion in 2023[46] - Northwest region homes closed in Q4 2024 were 1,019 valued at $533.7 million, down from 1,179 homes and $595.8 million in Q4 2023[42] - North region homes closed in Q4 2024 were 2,076 valued at $898.3 million, up from 1,793 homes and $723.8 million in Q4 2023[42] Rental Operations - Rental operations generated $11.9 million of pre-tax income on revenues of $217.8 million in Q1 fiscal 2025 compared to $31.3 million of pre-tax income on revenues of $195.3 million in Q1 fiscal 2024[14] - Rental segment revenue increased to $217.8 million in Q4 2024, up from $195.3 million in Q4 2023[39] - Rental properties inventory increased to $2,988.9 million as of December 31, 2024, from $2,906.0 million as of September 30, 2024[36] Financial Services - Financial services revenues were $182.3 million in Q1 fiscal 2025 compared to $192.6 million in Q1 fiscal 2024[19] - Financial services revenue was $182.3 million in Q4 2024, compared to $192.6 million in Q4 2023[39] Share Repurchases and Cash Flow - The Company repurchased 6.8 million shares of common stock for $1.1 billion during Q1 fiscal 2025[21] - Consolidated cash flow provided by operations is expected to be greater than fiscal 2024[26] - Net cash provided by operating activities improved significantly from a negative $153.4 million to a positive $646.7 million[34] - Net cash used in financing activities increased by 469.5% from $362.8 million to $2,064.6 million[34] - Repurchases of common stock increased by 180.2% from $376.9 million to $1,055.7 million[34] - Cash provided by operating activities was $646.7 million in Q4 2024, compared to a cash used in operating activities of $153.4 million in Q4 2023[39] Inventory and Assets - Total cash, cash equivalents, and restricted cash decreased from $4,544.0 million to $3,069.0 million, a decline of 32.5%[30] - Total inventory increased by 4.7% from $24,903.2 million to $26,080.5 million[30] - Residential land and lots increased by 9.7% from $13,121.4 million to $14,390.2 million[30] - Mortgage loans held for sale decreased by 27.6% from $2,477.5 million to $1,794.4 million[30] - Total liabilities decreased by 6.9% from $10,279.9 million to $9,566.8 million[30] - Cash and cash equivalents decreased to $3,050.1 million as of December 31, 2024, from $4,516.4 million as of September 30, 2024[36] - Residential land and lots inventory increased to $14,390.2 million as of December 31, 2024, from $13,121.4 million as of September 30, 2024[36] - Mortgage loans held for sale decreased to $1,794.4 million as of December 31, 2024, from $2,477.5 million as of September 30, 2024[36] - Homes in inventory decreased to 36,200 as of December 31, 2024, from 37,400 as of September 30, 2024[52] - East region homes in inventory decreased to 7,300 as of December 31, 2024, from 7,500 as of September 30, 2024[52] Regional Performance - Southeast region sales order backlog as of December 31, 2024, was 2,486 homes valued at $898.2 million, down from 4,123 homes and $1.5885 billion in 2023[46] - South Central region lots controlled increased to 157,800 as of December 31, 2024, from 148,600 as of September 30, 2024[48] - Forestar-controlled lots increased to 43,800 as of December 31, 2024, from 37,700 as of September 30, 2024[50] Expenses - Selling, general and administrative expenses increased to $878.1 million in Q4 2024, up from $835.0 million in Q4 2023[39] Land and Lots - Forestar sold 2,333 lots and generated $250.4 million of revenue in Q1 fiscal 2025 compared to 3,150 lots and $305.9 million of revenue in Q1 fiscal 2024[18] - Total lots controlled as of December 31, 2024, were 639,800, with 24% owned and 76% under purchase contracts[48]