Core Viewpoint - D.R. Horton, Inc. (DHI) reported better-than-expected third-quarter fiscal 2025 results, with earnings and total revenues exceeding Zacks Consensus Estimate but showing a decline year-over-year [1][5]. Financial Performance - Adjusted earnings were $3.36 per share, surpassing the Zacks Consensus Estimate of $2.90 by 15.9%, but down 18% from $4.10 a year ago [5][10]. - Total revenues reached $9.23 billion, a decrease of 7% year-over-year, yet exceeding analysts' expectations of $8.78 billion by 5.1% [6][10]. - The consolidated pre-tax profit margin was 14.7%, down from 18.1% a year ago [6]. Segment Performance - Homebuilding revenues were $8.58 billion, down 7% from the prior-year quarter, with home sales at $8.56 billion, a 7.3% decline year-over-year [7]. - Home closings decreased by 4% to 23,160 homes [7]. - Financial Services revenues fell 6% year-over-year to $227.8 million [9]. - The Rental business generated revenues of $380.7 million, down from $413.7 million a year ago [11]. Market Conditions - The housing market remains soft due to declining consumer confidence and affordability concerns, impacting home closings and average selling prices [2]. - The backlog of homes decreased by 16% year-over-year to 14,075 homes, with the backlog value down 19% to $5.3 billion [8][10]. Operational Insights - The company maintains strong liquidity with cash and equivalents totaling $2.66 billion and total liquidity of $5.5 billion [12]. - D.R. Horton has a disciplined approach to capital allocation and flexible lot supply, positioning it to adapt to market conditions [4]. Guidance and Future Outlook - D.R. Horton updated its fiscal 2025 guidance, now expecting consolidated revenues between $33.7 billion and $34.2 billion, down from the previous range of $33.3 billion to $34.8 billion [15]. - Homes closed are anticipated to be between 85,000 and 85,500, compared to the previous expectation of 85,000 to 87,000 [15].

Core Viewpoint - D.R. Horton, Inc. reported disappointing second-quarter fiscal 2025 results, with earnings and total revenues falling short of expectations and declining year-over-year [1][5]. Financial Performance - Adjusted earnings per share were $2.58, missing the Zacks Consensus Estimate of $2.66 by 3%, and down from $3.52 in the same quarter last year [5]. - Total revenues amounted to $7.73 billion, a 15% decrease year-over-year, and also missed analysts' expectations of $8.09 billion by 4.4% [5]. - The consolidated pre-tax profit margin was 13.8%, down from 16.8% a year ago [6]. Segment Performance - Homebuilding revenues were $7.2 billion, a 15% decline from the prior-year quarter, with home sales at $7.18 billion, down 15.2% year-over-year [7]. - Net sales orders decreased by 15% year-over-year to 22,437 homes, with the value of net orders dropping 17% to $8.4 billion [8]. - Financial Services revenues fell by 5.6% to $212.9 million, while the Rental business generated $144.2 million, down from $301.3 million a year ago [9]. Market Conditions - The housing market remains soft due to declining consumer confidence and affordability concerns, leading to lower net sales orders and weak contributions from rental operations and financial services [2]. - The cancellation rate on gross sales orders was 16%, slightly up from 15% a year ago [8]. Balance Sheet and Liquidity - As of March 31, 2025, D.R. Horton had cash and equivalents totaling $2.52 billion, down from $4.54 billion at the end of fiscal 2024, with total liquidity at $5.8 billion [10][11]. - The company had a debt of $6.5 billion, with a debt-to-total capital ratio of 21.1% [11]. Share Repurchase and Guidance - D.R. Horton repurchased 16.5 million shares for $2.4 billion in the first half of fiscal 2025, with a remaining stock repurchase authorization of $1.2 billion [12]. - The updated fiscal 2025 guidance expects consolidated revenues between $33.3 billion and $34.8 billion, down from a previous range of $36 billion to $37.5 billion [13].