D R Horton Inc Stock Price, News & Analysis

Forestar Group reported its second quarter financial results for fiscal 2023, showing a net income of $26.9 million or $0.54 per diluted share, down 44% year-over-year. Pre-tax income fell 43% to $35.9 million, with consolidated revenues dropping 28% to $301.5 million from $421.6 million in the previous year. The report noted $19.4 million in pre-tax real estate impairment charges. Lots sold decreased 49% to 2,979 for the quarter. The company maintained a strong balance sheet, ending with $654.1 million in liquidity and improved net debt to total capital ratio of 25.2%. Forestar is focusing on operational efficiencies amid a challenging housing market and aims to consolidate market share.

D.R. Horton, Inc. (NYSE:DHI) reported fiscal 2023 second quarter results with net income of $942.2 million, or $2.73 per diluted share, reflecting a 32% decline year-over-year. Consolidated revenues reached $8.0 billion, with home sales revenues at $7.4 billion from 19,664 homes closed. Net sales orders fell 5% to 23,142 homes, valued at $8.6 billion. The company’s pre-tax profit margin decreased to 15.6%, down from 23.5% a year ago, primarily due to a 730 basis point drop in home sales gross margin. Noteworthy, the cancellation rate rose to 18% from 16%. D.R. Horton maintains strong liquidity with $4.4 billion available, and declared a quarterly dividend of $0.25 per share. The company anticipates revenues between $31.5 billion and $33.0 billion for fiscal 2023.

D.R. Horton, Inc. (NYSE:DHI), the largest homebuilder in the U.S., will announce its financial results for Q2 ending March 31, 2023, on April 20, 2023, before the market opens. A conference call is scheduled for 8:30 a.m. ET that day, with a dial-in number of 888-506-0062. Participants are encouraged to call in five minutes early. A replay will be available after 12:30 p.m. ET on the same day until April 27, 2023. D.R. Horton closed 82,930 homes in the last year and operates in 109 markets across 33 states.