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Dec 31, 2020
Forestar Q1 2021 Earnings Report
Reported earnings of $0.46 per diluted share for the first quarter of fiscal year 2021.
Key Takeaways
Forestar reported a strong start to fiscal year 2021, with a 24% increase in revenues to $307.1 million and a 30% increase in net income to $22.0 million, or $0.46 per diluted share, compared to the same quarter of fiscal 2020. The company also increased residential lots sold by 47% to 3,567 lots.
Revenues increased 24% to $307.1 million compared to the same quarter of fiscal 2020.
Net income attributable to Forestar increased 30% to $22.0 million, or $0.46 per diluted share.
Residential lots sold increased 47% to 3,567 lots.
Lot position increased 74% to 77,500 lots.
Revenue by Segment
Forward Guidance
Forestar expects to deliver between 13,500 and 14,000 lots in fiscal year 2021.
Positive Outlook
- Housing market conditions remain favorable across the country.
- Company expects to continue to consolidate market share.
- Company is well positioned to operate through changing economic conditions due to low net leverage and strong liquidity position.
- Company has a low overhead model.
- Company has a strategic relationship with D.R. Horton.
Challenges Ahead
- Impacts of the COVID-19 pandemic could affect the company's business operations and the demand for its residential lots.
- Uncertainty regarding the extent to which and how long C-19 and its related effects will have on the U.S. economy, capital markets and demand for the Company's lots.
- Operational and financial performance will depend on future developments, including the duration and severity of C-19 and the impact on the Company's customers, trade partners and employees.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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