D.R. Horton, Inc., America’s Builder, reported that net income per common share attributable to D.R. Horton for its third fiscal quarter ended June 30, 2024 increased 5% to $4.10 per diluted share compared to $3.90 per diluted share in the same quarter of fiscal 2023.
Net income in the third quarter of fiscal 2024 increased 1% to $1.35 billion compared to $1.34 billion in the same quarter of fiscal 2023.
For the nine months ended June 30, 2024, net income per common share attributable to D.R. Horton increased 11% to $10.43 per diluted share compared to $9.39 per diluted share in the same period of fiscal 2023.
Net income for the nine months ended June 30, 2024 increased 7% to $3.5 billion compared to $3.2 billion in the same period of fiscal 2023.
Consolidated revenues in the third quarter of fiscal 2024 increased 2% to $10.0 billion compared to $9.7 billion in the same quarter of fiscal 2023. For the nine months ended June 30, 2024, consolidated revenues increased 7% to $26.8 billion compared to $25.0 billion in the same period of fiscal 2023.
Homebuilding Operations
Homebuilding revenue for the third quarter of fiscal 2024 increased 6% to $9.2 billion compared to $8.7 billion in the same quarter of fiscal 2023. Homes closed in the quarter increased 5% to 24,155 homes compared to 22,985 homes closed in the same quarter of fiscal 2023.
Homebuilding revenue for the first nine months of fiscal 2024 increased 9% to $25.0 billion compared to $22.9 billion in the same period of fiscal 2023. Homes closed in the first nine months of fiscal 2024 increased 10% to 66,043 homes compared to 59,989 homes closed in the same period of fiscal 2023.
Homebuilding pre-tax income in the third quarter of fiscal 2024 increased 7% to $1.6 billion with a pre-tax profit margin of 17.0% compared to $1.5 billion of pre-tax income and a 16.8% pre-tax profit margin in the same quarter of fiscal 2023. Homebuilding pre-tax income for the first nine months of fiscal 2024 increased 11% to $4.0 billion with a pre-tax profit margin of 16.1% compared to $3.6 billion of pre-tax income and a 15.8% pre-tax profit margin in the same period of fiscal 2023.
During the nine months ended June 30, 2024, net cash provided by homebuilding operations was $971.9 million.
Net sales orders for the third quarter ended June 30, 2024 increased 1% to 23,001 homes compared to 22,879 homes in the prior year quarter, and sales order value of $8.7 billion was flat with the same quarter of fiscal 2023. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the third quarter of fiscal 2024 was 18%, unchanged from the prior year quarter. Net sales orders for the first nine months of fiscal 2024 increased 14% to 67,526 homes and 15% in value to $25.6 billion compared to 59,403 homes and $22.3 billion in the same period of fiscal 2023. The Company's sales order backlog of homes under contract at June 30, 2024 decreased 12% to 16,792 homes and 12% in value to $6.6 billion compared to 19,186 homes and $7.4 billion at June 30, 2023.
At June 30, 2024, the Company had 42,600 homes in inventory, of which 26,200 were unsold. 8,800 of the Company’s unsold homes at June 30, 2024 were completed, of which 990 had been completed for greater than six months. The Company’s homebuilding land and lot portfolio totaled 630,200 lots at the end of the quarter, of which 24% were owned and 76% were controlled through land and lot purchase contracts. Of the Company’s homes closed during the three and nine months ended June 30, 2024, 64% and 63%, respectively, were on lots developed by Forestar or third parties.
Guidance
Based on current market conditions and the Company’s results for the first nine months of the year, D.R. Horton is updating its fiscal 2024 guidance as follows:
- Consolidated revenues of approximately $36.8 billion to $37.2 billion
- Homes closed by homebuilding operations of 90,000 homes to 90,500 homes
- Share repurchases of approximately $1.8 billion
The Company reiterates its fiscal 2024 guidance for cash flow provided by homebuilding operations of approximately $3.0 billion.
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in the United States since 2002 and has closed more than 1,100,000 homes in its over 45-year history.
