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D.R. Horton Inc. (DHI-1.28%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a decrease in consolidated revenues to $7.6 billion, down from $7.7 billion in the previous year. The decrease is attributed to a decline in home sales revenues.
Home sales revenues were $7.1 billion with 19,059 homes closed, compared to $7.3 billion with 19,340 homes closed in the previous year. The average selling price of homes decreased slightly.
Net income attributable to D.R. Horton was $844.9 million, a decrease from $947.4 million in the previous year, with diluted earnings per share declining to $2.61 from $2.82.
The company reported a gross profit margin from home sales of 22.7%, slightly down from 22.9% in the previous year. Selling, general, and administrative expenses increased to 8.9% of homebuilding revenues from 8.3%.
D.R. Horton reported a decrease in sales order backlog to 11,003 homes valued at $4.3 billion, down from 13,965 homes valued at $5.4 billion in the previous year.
The rental segment reported revenues of $217.8 million, up from $195.3 million, while pre-tax income decreased to $11.9 million from $31.3 million due to lower gross margins.
Forestar's revenues decreased 18% to $250.4 million, with lots sold decreasing 26% to 2,333. Pre-tax income for Forestar was $21.9 million, down from $51.2 million.
Financial services revenues decreased 5% to $182.3 million, with pre-tax income declining to $48.6 million from $66.0 million, attributed to a decrease in gains on sale of mortgage loans.
The company reported total assets of $35.0 billion, with stockholders' equity of $24.9 billion. Debt to total capital was 17.0%, and net debt to total capital was 7.6%.
D.R. Horton continues to focus on managing inventory investments, maintaining strong liquidity, and adjusting home pricing and incentives to optimize returns amidst changing market conditions.
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. quarterly 10-Q report dated January 23, 2025. To report an error, please email earnings@qz.com.