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Forestar Group Inc (DHI-2.49%). has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing an increase in revenues to $1,509.4 million from $1,436.9 million in the previous year. This increase is attributed to improved demand for finished lots.
Cost of sales for the year was $1,150.1 million, compared to $1,132.8 million in the previous year. The increase is due to a higher number of lots sold.
The company reported a net income of $203.4 million for the year, compared to $166.9 million in the previous year.
Forestar sold 15,068 lots during the year, with an average sales price of $96,600, compared to 14,040 lots at an average price of $90,900 in the previous year.
Residential lot sales to D.R. Horton accounted for 13,267 lots, with revenues of $1,271.4 million.
Forestar's lot position as of September 30, 2024, consisted of 95,100 residential lots, with 57,800 owned and 37,300 controlled through purchase contracts.
The company had cash and cash equivalents of $481.2 million and a total debt of $706.4 million as of September 30, 2024.
Forestar continues to focus on its strategic relationship with D.R. Horton, which owns approximately 62% of the company's outstanding common stock.
The filing also details various financial agreements, including a $410 million senior unsecured revolving credit facility and outstanding senior notes totaling $700 million.
Forestar does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Forestar Group Inc annual 10-K report dated November 19, 2024. To report an error, please email earnings@qz.com.