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- D.R. Horton Inc DHI reported first-quarter FY23 sales growth of 3% year-on-year to $7.26 billion, beating the consensus of $6.40 billion.
- Homes closed in the quarter decreased 6% Y/Y to 17,340 homes.
- Net sales orders decreased 40% Y/Y in value to $4.9 billion on 13,382 homes.
- The company's cancellation rate for the quarter was 27% compared to 15% last year.
- As of Dec. 31, 2022, DHI had 43,200 homes in inventory, of which 27,800 were unsold.
- Selling, general and administrative expenses rose 10.6% to $737 million.
- EPS of $2.76 beat the analyst consensus of $2.26.
- The company held $2.6 billion in cash and equivalents as of Dec. 31, 2022.
- The company has declared a quarterly cash dividend of $0.25 per common share, payable on Feb. 14, 2023, to stockholders of record on Feb. 7, 2023.
- It repurchased 1.4 million shares of common stock for $118.1 million during the quarter, and its remaining stock repurchase authorization on Dec. 31, 2022, was $320.2 million.
- "Beginning in June 2022 and continuing through today, we have seen a moderation in housing demand caused by significant increases in mortgage interest rates and general economic uncertainty," said Chairman of the board, Donald R. Horton.
- "While these pressures may persist for some time, the supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable."
- Price Action: DHI shares are trading higher by 0.75% at $96.40 in pre-market on the last check Tuesday.
- Photo Via Company
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