ARLINGTON, Texas - D.R. Horton, Inc. (NYSE:DHI), the largest homebuilder in the United States, reported a 5% increase in earnings per diluted share to $4.10 for its third fiscal quarter ended June 30, 2024, surpassing analyst expectations of $3.77.
The company's revenue also saw a 2% increase from the same quarter last year, reaching $10 billion and exceeding the consensus estimate of $9.64 billion.
The company's results reflect a solid performance in a challenging economic environment, with inflation and mortgage interest rates remaining elevated. Despite these headwinds, D.R. Horton's consolidated pre-tax income grew by 1% to $1.8 billion, with a pre-tax profit margin of 18.1%. Homes closed during the quarter increased by 5% to 24,155 homes, and by 6% in value to $9.2 billion.
David Auld, Executive Chairman, commented on the results, stating, "The D.R. Horton team delivered strong results in our third fiscal quarter of 2024, highlighted by earnings of $4.10 per diluted share, up 5% from the same quarter last year." Auld emphasized the company's well-positioned affordable product offerings and flexible lot supply, as well as their focus on maximizing returns in each of their communities.
Looking ahead, D.R. Horton has updated its fiscal 2024 guidance, projecting consolidated revenues of approximately $36.8 billion to $37.2 billion, with homes closed by homebuilding operations expected to be between 90,000 and 90,500 homes. This guidance compares to the analyst consensus of $36.96 billion for the full year.
The company's strong financial position and expectation for increased cash flows have led to a new share repurchase authorization totaling $4.0 billion. Additionally, D.R. Horton paid cash dividends of $98.5 million during the quarter and repurchased 3.0 million shares of common stock for $441.4 million.
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