D R Horton Clocks 21% Sales Growth In Q3; Cuts FY22 Forecast

D R Horton Inc DHI reported third-quarter FY22 sales growth of 21% year-over-year to $8.8 billion, missing the consensus of $8.99 billion.
EPS was $4.67, above the consensus of $4.49.
Home sales revenues increased 18% Y/Y to $8.3 billion on 21,308 (-1% Y/Y) homes closed. Net sales orders increased 8% in value to $6.9 billion on 16,693 (7% Y/Y) homes sold.
Consolidated pre-tax profit margin improved 540 bps to 24.8%.
On June 30, 2022, D R Horton had 56,400 homes in inventory, of which 27,200 were unsold.
Its homebuilding land and lot portfolio totaled 598,200 lots at the end of the quarter, of which 22% were owned, and 78% were controlled through land and lot purchase contracts.
DHI’s ROE was 35.1% for the trailing twelve months ended June 30, 2022, and homebuilding ROI was 41.7% for the same period.
Dividend: The company declared a quarterly cash dividend of $0.225 per common share that is payable on August 11, 2022, to stockholders of record on August 4, 2022.
DHI repurchased 4.7 million shares of common stock for $310.0 million during the quarter. The remaining stock repurchase authorization on June 30, 2022, was $690 million.
FY22 Outlook: D R Horton sees FY22 revenue of $33.8 billion - $34.6 billion (prior expectation of $35.3 billion - $36.1 billion) versus the consensus of $34.86 billion.
It expects Homes closed to be 83,000 - 85,000 homes (prior expectation 88,000 - 90,000 homes).
Price action: DHI shares are trading higher by 1.49% at $74.17 on the last check Thursday.
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