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Dec 31, 2020
D.R. Horton Q1 2021 Earnings Report
Net income and revenues increased significantly due to strong housing market conditions.
Key Takeaways
D.R. Horton reported strong first quarter fiscal 2021 results, with net income attributable to D.R. Horton increasing 84% to $791.8 million and consolidated revenues increasing 48% to $5.9 billion compared to the prior year quarter.
Net income attributable to D.R. Horton increased 84% to $791.8 million or $2.14 per diluted share.
Consolidated revenues increased 48% to $5.9 billion.
Consolidated pre-tax income increased 98% to $1.0 billion.
Net sales orders increased 56% to 20,418 homes and 62% in value to $6.4 billion.
D.R. Horton
D.R. Horton
D.R. Horton Revenue by Segment
Revenue by Segment
Home Sales Revenue
CapyFin.comLand/Lot Sales Revenue
CapyFin.comFinancial Services Revenue
CapyFin.com Forward Guidance
D.R. Horton is updating its fiscal 2021 guidance as follows: Consolidated revenues of $25.2 billion to $25.8 billion and Homes closed between 80,000 homes and 82,000 homes. Income tax rate of 23.0% to 23.5% for each of the remaining quarters of fiscal 2021.
Positive Outlook
- Consolidated revenues of $25.2 billion to $25.8 billion
- Homes closed between 80,000 homes and 82,000 homes
- The Company plans to also provide guidance for its second quarter of fiscal 2021 on its conference call today.
- Housing market conditions remain very strong
- The Company is focused on maximizing returns and improving capital efficiency in each of our communities while increasing our market share
Challenges Ahead
- Residential construction and financial services are designated as essential businesses as part of critical infrastructure in almost all of the municipalities across the U.S. where the Company operates.
- The Company implemented operational protocols to comply with social distancing and other health and safety guidelines as required by federal, state and local government agencies, taking into consideration guidelines of the Centers for Disease Control and Prevention and other public health authorities.
- The Company remains cautious as to the ongoing impact C-19 and other external factors may have on the economy and its operations.
- There is significant uncertainty regarding the extent to which and how long C-19 and its related effects will impact the U.S. economy and level of employment, capital markets, secondary mortgage markets, consumer confidence, demand for the Company’s homes and availability and cost of mortgage loans to homebuyers.
- The extent to which this impacts the Company’s operational and financial performance will depend on future developments, including the duration and severity of C-19 and the impact on D.R. Horton’s customers, trade partners and employees, all of which are highly uncertain and cannot be predicted.
Revenue & Expenses
Visualization of income flow from segment revenue to net income