D.R. Horton Inc.’s inventory moved into constructive territory on Tuesday after the house builder’s fiscal fourth-quarter outcomes beat Wall Street analyst estimates for revenue and income.
“Despite continued higher mortgage rates and inflationary pressures, our net sales orders increased 39% from the prior year quarter, as the supply of both new and existing homes at affordable price points remains limited and demographics supporting housing demand remain favorable,” the corporate mentioned.
D.R. Horton
DHI,
additionally boosted its quarterly divided to 30 cents a share from 25 cents a share.
D.R. Horton inventory rose by 2.2% regardless of losses within the broad market. The inventory is now up 34.9% in 2023, in comparison with a 13.5% year-to-date rise by the S&P 500
SPX.
D.R. Horton mentioned its fourth-quarter web revenue for the three months ended Sept. 30 fell by about 6% to $1.5 billion, or $4.45 a share, from $1.6 billion, or $4.67 a share, within the year-ago quarter.
The firm outpaced the FactSet consensus estimate of $3.94 a share.
Revenue rose 9% to $10.5 billion, forward of the analyst estimate of $10.01 billion.
Looking forward, Horton expects 2024 income of $36 billion to $37 billion, in opposition to FactSet consensus estimate of $36.1 billion.
D.R. Horton mentioned it ended the yr with 18.3% leverage, the bottom in firm historical past. The firm plans to repurchase $1.5 billion in inventory in 2024.
Also learn: A document share of Americans say it’s a ‘bad time’ to purchase a home, as frustration with the housing market simmers: Fannie Mae
Source web site: www.marketwatch.com
