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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