Forestar (US:FOR)2025-01-21 18:48Financial Performance - Net income for Q1 fiscal 2025 decreased 57% to $16.5 million, or $0.32 per diluted share, compared to $38.2 million, or $0.76 per diluted share in Q1 fiscal 2024[4]. - Revenues totaled $250.4 million in Q1 fiscal 2025, down from $305.9 million in the same quarter of fiscal 2024, reflecting a decrease in lots sold by 26% to 2,333 lots[4][6]. Assets and Liquidity - The company's lot position at December 31, 2024, was 106,000 lots, with 68,300 owned and 37,700 controlled through contracts, including 25,200 lots under contract to be sold, representing approximately $2.2 billion of future revenue[7][8]. - The company ended the quarter with $132.0 million of unrestricted cash and $512.5 million of available borrowing capacity, totaling $644.5 million in liquidity[9]. - Debt at December 31, 2024, totaled $806.8 million, with a net debt to total capital ratio of 29.5%[10]. Investment and Growth Plans - Forestar intends to invest approximately $2.0 billion in land acquisition and development in fiscal 2025[11]. - The company plans to deliver between 16,000 and 16,500 lots in fiscal 2025, generating projected revenues of $1.6 billion to $1.65 billion[11]. - Forestar's strong balance sheet and liquidity position the company for growth opportunities in the homebuilding industry amid a shortage of finished lots[12]. Shareholder Metrics - Return on equity was 12.0% for the trailing twelve months ended December 31, 2024, with book value per share increasing 13% to $31.84[5][8]. - The average sales price per lot increased to $105,500 in Q1 fiscal 2025 from $96,400 in Q1 fiscal 2024[23].