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Jun 30, 2022
D.R. Horton Q3 2022 Earnings Report
D.R. Horton reported strong results, with EPS increasing and pre-tax income rising significantly.
Key Takeaways
D.R. Horton reported a strong third quarter in fiscal year 2022, with a 53% increase in EPS to $4.67 per diluted share. Consolidated revenues increased by 21% to $8.8 billion, and pre-tax income rose by 54% to $2.2 billion. The pre-tax profit margin improved by 540 basis points to 24.8%.
Net income per diluted share increased 53% to $4.67.
Net income attributable to D.R. Horton increased 48% to $1.6 billion.
Consolidated revenues increased 21% to $8.8 billion.
Consolidated pre-tax income increased 54% to $2.2 billion.
Revenue by Segment
Forward Guidance
D.R. Horton is updating its fiscal 2022 guidance. Consolidated revenues are expected to be in the range of $33.8 billion to $34.6 billion. Homes closed are expected to be between 83,000 and 85,000 homes.
Positive Outlook
- Company is well-positioned to meet changing market conditions with affordable product offerings.
- Company has a strong lot supply.
- Company has strong trade and supplier relationships.
- Balance sheet strength provides financial flexibility.
- Company is managing homes in inventory to maximize returns.
Challenges Ahead
- Housing demand moderation in June due to increased mortgage interest rates.
- Elevated inflationary pressures.
- Potential persistence of these pressures for some time.
- Cyclical nature of the homebuilding industry.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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