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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.
D.R. Horton
D.R. Horton
D.R. Horton Revenue by Segment
D.R. Horton Revenue by Geographic Location
Revenue by Segment
Home Sales Revenue
CapyFin.comFinancial Services Revenue
CapyFin.comRevenue by Geographic Location
Southwest Revenue
CapyFin.comSouth Central Revenue
CapyFin.comSoutheast Revenue
CapyFin.comEast Revenue
CapyFin.com 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