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D.R. Horton, Inc. has submitted its annual 10-K filing for the fiscal year ended September 30, 2024.
The filing reports that D.R. Horton's consolidated revenues increased by 4% to $36.8 billion, compared to $35.5 billion in the previous year. The company's net income remained stable at $4.8 billion for both fiscal 2024 and 2023.
Homebuilding revenues saw an increase of 7% to $34.0 billion, with 89,690 homes closed during the year. The average closing price of these homes was $378,000, a slight decrease from the previous year.
The company's rental segment reported revenues of $1.7 billion, a decrease from $2.6 billion in fiscal 2023. The decline was primarily due to a reduction in the number of single-family rental homes closed.
Forestar (DHI+1.42%), D.R. Horton's majority-owned subsidiary, reported a 5% increase in revenues to $1.5 billion, with lots sold to D.R. Horton totaling 13,267.
The financial services segment, which includes mortgage and title services, reported a 10% increase in revenues to $882.5 million. The segment's pre-tax income also increased by 10% to $311.2 million.
D.R. Horton ended the fiscal year with $4.5 billion in cash and cash equivalents, and a total debt of $5.9 billion. The company's debt to total capital ratio was 18.9%.
The filing highlights that D.R. Horton continues to focus on geographic diversification, with operations in 125 markets across 36 states. The company aims to maintain a strong balance sheet to support its operations and growth strategies.
D.R. Horton acknowledges various risks, including economic conditions, interest rates, and regulatory changes, which could impact its business operations and financial performance in the future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the D.R. Horton Inc. annual 10-K report dated November 19, 2024. To report an error, please email earnings@qz.com.