Forestar (US:FOR)2025-10-28 18:51Financial Performance - Net income for Q4 fiscal 2025 increased 7% to $87.0 million, or $1.70 per diluted share, compared to $81.6 million, or $1.60 per diluted share in Q4 fiscal 2024[2] - Revenues for Q4 fiscal 2025 increased 22% to $670.5 million from $551.4 million in Q4 fiscal 2024[2] - Net income for fiscal 2025 decreased 17% to $167.9 million, or $3.29 per diluted share, compared to $203.4 million, or $4.00 per diluted share in fiscal 2024[3] - Revenues for fiscal 2025 increased 10% to $1.7 billion from $1.5 billion in fiscal 2024[3] - Revenues for the three months ended September 30, 2025, increased to $670.5 million, up 21.6% from $551.4 million in the same period of 2024[22] - Net income for the three months ended September 30, 2025, was $87.0 million, representing a 6.6% increase compared to $81.6 million in 2024[22] - Basic net income per common share rose to $1.71 for the three months ended September 30, 2025, compared to $1.61 in 2024, reflecting a 6.2% increase[22] - Total revenues for the year ended September 30, 2025, reached $1,662.4 million, a 10.1% increase from $1,509.4 million in 2024[22] Sales and Lots - Lots sold during Q4 fiscal 2025 decreased 9% to 4,891 lots compared to 5,374 lots in Q4 fiscal 2024[5] - Residential lot sales from development projects amounted to $546.4 million for the three months ended September 30, 2025, up from $496.4 million in 2024, marking a 10.9% increase[24] - The total number of residential lots sold in the three months ended September 30, 2025, was 4,891, down from 5,374 in 2024, reflecting a decrease of 9.0%[24] Lot Ownership and Future Projections - The company owned and controlled 99,800 lots at September 30, 2025, with 23,800 lots under contract to be sold, representing approximately $2.1 billion of future revenue[8] - Lots owned increased to 65,100 as of September 30, 2025, compared to 57,800 in 2024, representing a growth of 12.5%[24] - The total lots owned and controlled as of September 30, 2025, reached 99,800, up from 95,100 in 2024, showing a 4.0% increase[24] - Owned lots under contract to sell to D.R. Horton increased to 22,800 as of September 30, 2025, compared to 20,500 in 2024, reflecting an increase of 11.2%[24] - For fiscal 2026, the company expects to deliver between 14,000 and 15,000 lots, generating $1.6 billion to $1.7 billion in revenue[12] Investment and Liquidity - Over the last five years, the company invested more than $7.3 billion in land acquisition and development, delivering over 75,000 finished lots[11] - Total liquidity at the end of fiscal 2025 was $968.1 million, consisting of $379.2 million in unrestricted cash and $588.9 million in available borrowing capacity[9] - The company's return on equity was 10.1% for fiscal 2025[4] Pricing Trends - The average sales price per lot increased to $115,700 in the three months ended September 30, 2025, compared to $108,400 in 2024, indicating a 6.7% rise[24]