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Mar 31, 2023
D.R. Horton Q2 2023 Earnings Report
D.R. Horton reported a decrease in net income but showed resilience through strategic pricing and incentives.
Key Takeaways
D.R. Horton's second quarter fiscal 2023 saw a decrease in net income attributable to D.R. Horton to $942.2 million, or $2.73 per diluted share, a 34% decrease compared to the same quarter of fiscal 2022. Despite challenges like higher mortgage rates and inflationary pressures, the company saw encouraging results with net sales orders increasing 73% sequentially from the first quarter.
Net income attributable to D.R. Horton decreased 34% to $942.2 million, or $2.73 per diluted share.
Consolidated pre-tax income was $1.2 billion, with a pre-tax profit margin of 15.6%.
Net sales orders decreased 5% to 23,142 homes, with an order value decreasing 11% to $8.6 billion.
The company repurchased 3.2 million shares of common stock for $303.2 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
D.R. Horton provided fiscal year 2023 guidance based on current market conditions and first-half results.
Positive Outlook
- Consolidated revenues are expected to be in the range of $31.5 billion to $33.0 billion.
- Between 77,000 and 80,000 homes are expected to be closed.
- Rental homes/units closed are expected to be between 4,000 and 5,000 homes/units.
- The income tax rate is expected to be approximately 24%.
- Cash provided by both consolidated and homebuilding operations is expected to be greater than fiscal 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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