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Sep 30, 2023
Dream Finders Homes Q3 2023 Earnings Report
Reported an increase in homebuilding revenues and home closings, with a return on participating equity of 38.9%.
Key Takeaways
Dream Finders Homes reported a positive third quarter with a 14% increase in homebuilding revenues to $894 million and a 17% increase in home closings to 1,798. Net new orders increased by 38% to 1,535. The company's net income attributable to DFH increased by 9% to $76 million, or $0.79 per basic share.
Homebuilding revenues increased 14% to $894 million.
Home closings increased 17% to 1,798.
Net new orders increased 38% to 1,535.
Net income attributable to DFH increased 9% to $76 million, or $0.79 per basic share.
Forward Guidance
Dream Finders Homes is updating its guidance and now expects approximately 6,750 home closings for the full year 2023 compared to a previous outlook of approximately 6,500 homes.
Positive Outlook
- Company expects approximately 6,750 home closings for the full year 2023.
- Team did an excellent job making sure we were prepared for this opportunity.
- The company continued to de-lever the balance sheet to a net debt to net capitalization ratio of 34.5%, the lowest in Company history.
- The company generated record operating cash flows of $408 million over the trailing twelve months.
- Total available liquidity of $564 million.
Challenges Ahead
- Uncertainty remains for the remainder of 2023 and beyond.
- Deterioration of general economic conditions could negatively affect the Company’s ability to achieve this number of home closings in 2023.
- Interest rate increases could negatively affect the Company’s ability to achieve this number of home closings in 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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