D R Horton Q1 Results Beat Estimates, Raises FY22 Revenue Guidance

  • D R Horton Inc DHI reported first-quarter FY22 sales growth of 18.9% year-over-year to $7.05 billion, beating the consensus of $6.71 billion.
  • Homebuilding revenue rose 17% Y/Y to $6.7 billion. Homes closed in the quarter decreased 2% to 18,396 homes versus 18,739 in 1Q21.
  • EPS improved to $3.17 from $2.14 in 1Q21, beating the consensus of $2.79.
  • Consolidated pre-tax profit margin improved 380 bps to 21.2%.
  • Q1 Net sales orders increased 5% Y/Y to 21,522 homes and 29% in value to $8.3 billion compared to 20,418 homes and $6.4 billion in the same quarter of FY21.
  • As of December 31, 2021, the company had 54,800 homes in inventory, of which 25,600 were unsold. About 1,000 of the company's unsold homes were completed.
  • The cancellation rate for the quarter was 15%, compared to 18% in the prior-year quarter.
  • D R Horton's cash used in operating activities for the quarter was $174.1 million, compared to $252.1 million a year ago.
  • During the quarter, D.R. Horton repurchased 2.7 million shares of common stock for $278.2 million; the remaining stock repurchase authorization as of December 31, 2021, was $268 million.
  • The company's quarterly cash dividend of $0.225 per common share is payable on February 25, 2022, to stockholders of record on February 17, 2022.
  • D R Horton had $2.1 billion of unrestricted homebuilding cash and $2 billion of available capacity on its revolving credit facility at Q1-end.
  • FY22 Guidance: D.R. Horton expects consolidated revenues of $34.5 billion - $35.5 billion (prior expectation $32.5 billion - $33.5 billion) vs. consensus of $33.26 billion.
  • The company reaffirmed guidance for Homes closed between 90,000 and 92,000 homes.
  • Price Action: DHI shares are trading lower by 0.59% at $88.92 on the last check Wednesday.
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