Q3 2024 DR Horton Inc Earnings Call Transcript
Key Points
- D.R. Horton Inc (DHI) reported earnings of $4.10 per diluted share, a 5% increase from the prior year quarter.
- Consolidated pretax income increased by 1% to $1.8 billion on a 2% increase in revenues to $10 billion.
- Home sales revenues increased 6% to $9.2 billion on 24,155 homes closed.
- The company generated $972 million of cash flow from homebuilding operations and consolidated cash flow of $228 million during the nine months ended June 30.
- D.R. Horton Inc (DHI) has a strong balance sheet with $5.8 billion of consolidated liquidity and a low leverage ratio of 18.8%.
- Cancellation rate for the quarter was 18%, up from 15% sequentially.
- Homebuilding SG&A expenses increased by 12% from last year, with SG&A as a percentage of revenues rising to 7.1%.
- Average price of net sales orders in the third quarter was flat sequentially and down 1% from the prior year quarter.
- Lot costs increased approximately 2.5% in the quarter, contributing to cost pressures.
- The company expects home sales gross margin to remain flat in the fourth quarter, indicating continued cost pressures and market challenges.
Good morning, and welcome to the third quarter 2024 earnings conference call for D.R. Horton, America's Builder, the largest builder in the United States.(Operator Instructions) Please note, this conference is being recorded. I will now turn the call over to Jessica Hansen, Senior Vice President of Communications for D.R. Horton.
Thank you, Paul, and good morning. Welcome to our call to discuss our financial results for the third quarter of fiscal 2024.
Before we get started, today's call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different.
All forward-looking statements are based upon information available to D.R. Horton on the date of this conference call and D.R. Horton does not undertake any obligation to publicly update or revise any forward
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
