D.R. Horton(US:DHI)2025-04-17 15:26Financial Performance - Net income attributable to D.R. Horton decreased 31% to $810.4 million, or $2.58 per diluted share, compared to $1.2 billion, or $3.52 per diluted share, in the same quarter of fiscal 2024[2]. - Consolidated revenues for the second quarter decreased 15% to $7.7 billion from $9.1 billion in the same quarter of fiscal 2024[3]. - Homebuilding revenue decreased 15% to $7.2 billion, with homes closed decreasing 15% to 19,276 homes compared to the same quarter of fiscal 2024[10]. - Net sales orders decreased 15% to 22,437 homes, with an order value of $8.4 billion, compared to 26,456 homes and $10.1 billion in the same quarter of fiscal 2024[14]. - Homebuilding pre-tax income decreased 31% to $935.0 million, with a pre-tax profit margin of 13.0% compared to 16.0% in the same quarter of fiscal 2024[11]. - Revenues for the three months ended March 31, 2025, were $7,734.0 million, a decrease of 15.1% compared to $9,107.2 million for the same period in 2024[35]. - Net income attributable to D.R. Horton, Inc. for the six months ended March 31, 2025, was $1,655.3 million, down 21.9% from $2,119.5 million for the same period in 2024[35]. Assets and Liabilities - Total assets as of March 31, 2025, were $35,690.0 million, a slight decrease from $36,104.3 million as of September 30, 2024[33]. - The company’s total liabilities increased to $10,831.3 million as of March 31, 2025, from $10,279.9 million as of September 30, 2024, indicating a rise of 5.4%[33]. - The total liabilities as of March 31, 2025, were $10,831.3 million, with notes payable accounting for $6,518.4 million[39]. - The company reported a net cash used in financing activities of $2,141.9 million for the six months ended March 31, 2025, compared to $270.6 million for the same period in 2024[37]. Cash and Liquidity - Cash and cash equivalents decreased to $2,471.4 million as of March 31, 2025, from $4,516.4 million as of September 30, 2024, representing a decline of 45.4%[33]. - Cash provided by operating activities was $876.0 million, while cash used in rental activities was $(381.6) million[42]. - The company experienced a decrease in cash and cash equivalents from $4,516.4 million as of September 30, 2024, to $2,471.4 million as of March 31, 2025[39]. Shareholder Returns - D.R. Horton repurchased 9.7 million shares for $1.3 billion during the second quarter, totaling 16.5 million shares repurchased for $2.4 billion in the first six months of fiscal 2025[23]. - The company declared a quarterly cash dividend of $0.40 per share, payable on May 9, 2025[22]. - D.R. Horton maintained a disciplined approach to capital allocation, consistently returning capital to shareholders through share repurchases and dividends[29]. Future Outlook - For fiscal 2025, D.R. Horton expects consolidated revenues in the range of $33.3 billion to $34.8 billion and homes closed between 85,000 to 87,000[26]. - The company is focused on maximizing returns in each of its communities with affordable product offerings and flexible lot supply[29]. Inventory and Sales - Total inventory increased to $26,482.4 million as of March 31, 2025, compared to $24,903.2 million as of September 30, 2024, reflecting a growth of 6.3%[33]. - Home sales revenue for the three months ended March 31, 2025, was $7,180.9 million, contributing to a consolidated revenue of $7,734.0 million[42]. - The cost of sales for home sales was $5,614.7 million, resulting in a gross profit of $1,566.2 million for the same period[42]. - Home sales revenue for the three months ended March 31, 2024, was $8,466.7 million, contributing to a consolidated revenue of $9,107.2 million[45]. - For the six months ended March 31, 2024, home sales revenue reached $15,743.1 million, with consolidated revenue totaling $16,833.1 million[45]. Orders and Backlog - The company reported net sales orders of 22,437 homes valued at $8,358.6 million for the three months ended March 31, 2025, compared to 26,456 homes valued at $10,063.2 million for the same period in 2024[48]. - As of March 31, 2025, the sales order backlog consisted of 14,164 homes valued at $5,476.7 million, down from 17,873 homes valued at $7,039.3 million as of March 31, 2024[52]. - Homes closed during the three months ended March 31, 2025, totaled 19,276, with a value of $7,180.9 million, while 22,548 homes were closed in the same period of 2024, valued at $8,466.7 million[50]. Operational Metrics - The company's debt to total capital ratio was 21.1% as of March 31, 2025, with total liquidity of $5.8 billion[5]. - The company controlled a total of 613,100 lots as of March 31, 2025, compared to 632,900 lots as of September 30, 2024[54]. - Homes in inventory as of March 31, 2025, totaled 36,900, a slight decrease from 37,400 homes as of September 30, 2024[58].