霍顿房屋：季度业绩超预期，新增40亿美元回购计划

Investment Rating - The report does not provide a specific investment rating for the company [1][5] Core Views - The company's FY2024Q3 performance exceeded expectations with revenue of $10 billion, a 2.5$1.35 billion, a 1.4% YoY increase [1][5] - The company's new home sales remained robust, with 24,155 homes delivered in FY2024Q3, a 5% YoY increase, and 23,001 homes sold, a 1% YoY increase [1][6] - The company's financial position is strong, with $3 billion in cash and$5.7 billion in interest-bearing debt, resulting in a net debt ratio of 10.6% and a total capital debt ratio of 18.8% [1][8] - The company announced a new $4 billion share repurchase plan, representing approximately 7$10 billion, exceeding the company's guidance and representing a 2.5% YoY increase [1][5] - Net income attributable to shareholders was $1.35 billion, a 1.4$0.3, a 20% YoY increase [1][5] Operational Performance - The company delivered 24,155 homes in FY2024Q3, a 5% YoY increase, with recognized revenue of $9.2 billion, a 6$8.7 billion [1][6] - As of June 30, 2024, the company had 42,600 homes in inventory, with 26,200 unsold, indicating healthy inventory levels [1][6] Shareholder Returns - In FY2024Q3, the company repurchased 3 million shares for $441.4 million and paid$98.5 million in dividends, returning a total of $540 million to shareholders [1][9] - The company had$459.7 million remaining in its share repurchase authorization as of June 30, 2024, and announced a new $4 billion repurchase plan [1][9] Updated Guidance - The company tightened its FY2024 revenue guidance to$36.8-$37.2 billion and increased its home delivery guidance to 90,000-90,500 homes [12] - For FY2024Q4, the company expects revenue of$10-$10.4 billion, home deliveries of 24,000-24,500, and a gross margin of approximately 24$1.6 billion to $1.8 billion [12]