D R Horton Stock Falls After Cutting Revenue, Closings Volume Outlook

D R Horton Inc DHI has lowered its guidance for homes closed and consolidated revenues for Q4 and FY21 due to continuing significant disruptions in the supply chain, including shortages and delivery delays in certain building materials and tightness in the labor market.
The company has cut the Q4 revenue outlook to $7.7 billion - $7.9 billion (prior $7.9 billion - $8.4 billion), versus the consensus of $8.2 billion.
D R Horton expects Q4 homes closed to be 21,300 - 21,700 homes versus the prior outlook of 23,000 - 24,500 homes.
D R Horton expects the homes closed for FY21 to increase 24% - 25% to 81,300 - 81,700 homes compared to the previous outlook of 83,000 - 84,500 homes.
As a result, the company now expects FY21 consolidated revenues to increase 35% - 36% Y/Y to $27.4 billion - $27.6 billion (prior $27.6 billion - $28.1 billion) versus the consensus of $27.9 billion.
The company still expects to grow its homes closed at a double-digit percentage pace in FY22 compared to FY21.
Price Action: DHI shares are trading lower by 4.26% at $86.93 on the last check Monday.