Welcome to our dedicated page for Forestar Group news (Ticker: FOR), a resource for investors and traders seeking the latest updates and insights on Forestar Group stock.
Forestar Group Inc. develops and sells finished single-family residential lots for homebuilders through a national residential lot development platform. News about Forestar centers on fiscal earnings, lot deliveries, owned and controlled lot positions, land acquisition and development spending, contracted lot sales and liquidity.
Company updates also discuss its relationship with D.R. Horton, including lot-sale arrangements and rights of first offer, as well as guidance for revenue and lot deliveries. Coverage links Forestar's results to housing demand, affordability conditions and the pace of residential community development.
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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.