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Mar 31, 2021
D.R. Horton Q2 2021 Earnings Report
D.R. Horton reported strong results driven by robust housing market conditions and effective team performance.
Key Takeaways
D.R. Horton reported a strong second quarter for fiscal year 2021, with net income per diluted share increasing by 95% to $2.53. Consolidated revenues increased by 43% to $6.4 billion, and consolidated pre-tax income rose by 90% to $1.2 billion. The company's net sales orders increased by 35% to 27,059 homes.
Net income per diluted share increased 95% to $2.53.
Consolidated revenues increased 43% to $6.4 billion.
Consolidated pre-tax income increased 90% to $1.2 billion.
Net sales orders increased 35% to 27,059 homes.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
D.R. Horton is updating its fiscal year 2021 guidance based on current market conditions and the company's results for the first six months of fiscal 2021.
Positive Outlook
- Consolidated revenues of $26.8 billion to $27.5 billion
- Homes closed between 82,500 homes and 84,500 homes
- The Company’s senior unsecured homebuilding revolving credit facility was amended to extend its maturity date to April 20, 2026.
- The capacity of the homebuilding revolving credit facility was increased to $2.19 billion with an uncommitted accordion feature that could increase the size of the facility to $3.0 billion
- The Company’s Board of Directors authorized a new $1.0 billion stock repurchase authorization replacing the Company’s previous authorization.
Challenges Ahead
- Income tax rate in a range of 22% to 23% for the third and fourth quarters of fiscal 2021
- Portions of this document may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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