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.
Forestar Group Inc. (NYSE: FOR) will announce its financial results for Q2 ending March 31, 2023, on April 20, 2023, before market-opening. A conference call is scheduled for the same day at 5:00 p.m. ET, which will also be available via webcast. Forestar operates in 52 markets across 20 states, having delivered over 15,400 residential lots in the last year. Notably, the company is a majority-owned subsidiary of D.R. Horton, Inc. (NYSE: DHI), the largest homebuilder by volume in the U.S.
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.
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, announced a presentation to the investment community via webcast at the Barclays Industrial Select Conference on February 22, 2023, at 2:25 p.m. Eastern Time. The presentation will be accessible through the Investor Relations page of the D.R. Horton website. Listeners are advised to join at least five minutes early. A replay will be available within 24 hours and can be accessed until April 30, 2023. Founded in 1978, D.R. Horton has been the largest homebuilder in the U.S. since 2002, operating across 109 markets in 33 states. In the last year, the company closed 82,930 homes, showcasing its diverse product portfolio.