D.R. Horton, Inc.:
Fiscal 2018 Second Quarter Highlights - comparisons to the
prior year quarter
- Net income attributable to D.R. Horton
increased 53% to $351.0 million or $0.91 per diluted share
- Consolidated pre-tax income increased
26% to $444.8 million
- Consolidated pre-tax profit margin
improved 80 basis points to 11.7%
- Net sales orders increased 13% in value
to $4.7 billion and 13% in homes to 15,828
- Homes closed increased 16% in value to
$3.7 billion and 15% in homes to 12,281
- Increasing fiscal 2018 guidance for
consolidated pre-tax profit margin to a range of 12.1% to
12.3%
- Increasing fiscal 2018 guidance for
cash flow from operations to at least $800 million excluding
Forestar
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported
that net income attributable to D.R. Horton for the second fiscal
quarter increased 53% to $351.0 million, or $0.91 per diluted
share, compared to $229.2 million, or $0.60 per diluted share, in
the same quarter of fiscal 2017. Homebuilding revenue for the
second quarter of fiscal 2018 increased 16% to $3.7 billion from
$3.2 billion in the same quarter of fiscal 2017. Homes closed in
the quarter increased 15% to 12,281 homes compared to 10,685 homes
closed in the same quarter of fiscal 2017. The current quarter
results included $30.1 million of pre-tax inventory and land option
charges to cost of sales, of which $24.5 million related to the
settlement of an outstanding dispute associated with a land
transaction.
For the six months ended March 31, 2018, net income
attributable to D.R. Horton increased 24% to $540.3 million, or
$1.41 per diluted share, compared to $436.1 million, or $1.15 per
diluted share, in the same period of fiscal 2017. Homebuilding
revenue for the first six months of fiscal 2018 increased 15% to
$6.9 billion from $6.0 billion in the same period of fiscal 2017.
Homes closed in the first six months of 2018 increased 15% to
23,069 homes compared to 20,089 homes closed in the same period of
fiscal 2017.
The Company’s effective tax rates for the three and six month
periods ended March 31, 2018 reflect a tax benefit from the
rate reduction from the December Tax Cuts and Jobs Act of 2017 (Tax
Act), an excess tax benefit related to stock-based compensation and
the February Bipartisan Budget Act of 2018, which retroactively
reinstated the federal tax credit for energy-efficient homes. The
six-month period ended March 31, 2018 included a one-time
non-cash income tax charge of $108.7 million to re-measure the
Company’s net deferred tax assets as a result of the Tax Act.
Net sales orders for the second quarter ended March 31,
2018 increased 13% to 15,828 homes and 13% in value to $4.7 billion
compared to 13,991 homes and $4.2 billion in the same quarter of
the prior year. The Company’s cancellation rate (cancelled sales
orders divided by gross sales orders) for the second quarter of
fiscal 2018 was 19% compared to 20% in the prior year quarter. Net
sales orders for the first six months of fiscal 2018 increased 14%
to 26,581 homes and 15% in value to $8.0 billion compared to 23,232
homes and $7.0 billion in the same period of fiscal 2017.
The Company’s homes in inventory at March 31, 2018
increased 8% to 29,400 homes compared to 27,100 homes at
March 31, 2017. The Company's homebuilding land and lot
portfolio at March 31, 2018 increased 13% to 257,700 lots, of
which 48% were owned and 52% were controlled through option
contracts, compared to 227,300 lots at March 31, 2017, of
which 52% were owned and 48% were controlled through option
contracts.
The Company ended the second quarter with $528.9 million of
homebuilding unrestricted cash and a homebuilding debt to total
capital ratio of 24.2%. Homebuilding debt to total capital consists
of homebuilding notes payable divided by stockholders’ equity plus
homebuilding notes payable.
Donald R. Horton, Chairman of the Board, said, “The D.R. Horton
team delivered strong results in our second quarter. Net income in
the second quarter of fiscal 2018 increased 53% to $351 million on
a 17% increase in consolidated revenues to $3.8 billion. Our
pre-tax profit margin improved 80 basis points to 11.7%, and our
net sales orders increased 13%. These results reflect the strength
of our experienced operational teams, diverse product offerings
from our family of brands and solid market conditions across our
broad national footprint.
“Our balance sheet strength, liquidity and continued earnings
growth are increasing our strategic and financial flexibility, and
we plan to maintain our disciplined, opportunistic position to
enhance the long-term value of our company. We continue to expect
to grow our revenues and pre-tax profits at a double-digit annual
pace, while generating increasing annual operating cash flows and
returns. With 29,400 homes in inventory at the end of March and
258,000 lots owned and controlled, we are well-positioned for the
remainder of fiscal 2018 and future years.”
Share Repurchases and Dividends
During the second quarter of fiscal 2018, the Company paid cash
dividends of $47.1 million and repurchased 500,000 shares of common
stock for $22.5 million. The Company’s remaining stock repurchase
authorization at March 31, 2018 was $152.1 million. The
Company has also declared a quarterly cash dividend of $0.125 per
common share that is payable on May 25, 2018 to stockholders of
record on May 11, 2018.
Forestar Segment
Forestar Group Inc. (NYSE:FOR)(“Forestar”), a majority-owned
subsidiary of D.R. Horton, is a publicly-traded residential
and real estate development company, which currently operates in 18
markets and 10 states. Forestar’s operating results for the
three-month period ended March 31, 2018 and from
October 5, 2017 (acquisition date) through March 31, 2018
are fully consolidated in the Company’s financial statements with
the 25% interest not owned by the Company reported as
noncontrolling interests.
During the quarter, Forestar sold a portion of its assets for
$232.0 million and recognized a gain on the sale of $0.7 million.
This strategic asset sale included projects owned both directly and
indirectly through ventures and consisted of approximately 750
developed and under development lots, over 4,000 undeveloped lots,
730 unentitled acres, an interest in one multi-family operating
property and a multi-family development site. The net proceeds
after purchase price adjustments and other costs associated with
selling these projects was $217.5 million.
Forestar’s results of operations for the three-month period
ended March 31, 2018 and from the acquisition date through
March 31, 2018 are included in the Company’s segment
information following the consolidated financials. On its
conference call today, the Company will provide an update on
Forestar’s operations and expectations regarding Forestar's
investment and growth plans.
Guidance
Based on current market conditions and the Company’s results for
the first six months of fiscal 2018, D.R. Horton is updating its
fiscal 2018 guidance as follows:
- Consolidated pre-tax profit margin of
12.1% to 12.3% compared to prior guidance of 11.8% to 12.0%
- Consolidated revenues between $15.9
billion and $16.3 billion
- Homes closed between 51,500 and 52,500
homes
- Home sales gross margin in the range of
20.5% to 21.0%, with potential quarterly fluctuations that may be
outside of this range
- Income tax rate of approximately 25%,
excluding the first quarter non-cash charge to reduce net deferred
tax assets as a result of the Tax Act
- Cash flow from operations of at least
$800 million excluding Forestar, an increase of $100 million from
prior guidance due primarily to a higher expected pre-tax profit
margin
D.R. Horton reaffirms its previously issued fiscal 2018 guidance
for other metrics including:
- Homebuilding SG&A expense of around
8.7% of homebuilding revenues
- Financial services operating margin of
approximately 30%
- Outstanding share count increase of
less than 1%
Presentation
Consistent with the first quarter of fiscal 2018, the Company’s
consolidated balance sheets and statements of operations present
its homebuilding, Forestar land development, financial services and
other operations on a combined basis. Prior year amounts have also
been combined to reflect this presentation. See the segment
information following the consolidated financials for detailed
financial information for all of the Company’s reporting
segments.
Conference Call and Webcast Details
The Company will host a conference call today (Thursday, April
26) at 8:30 a.m. Eastern Time. The dial-in number is 877-407-8033,
and the call will also be webcast from the Company’s website at
investor.drhorton.com.
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest
homebuilder by volume in the United States for sixteen consecutive
years. Founded in 1978 in Fort Worth, Texas, D.R. Horton has
operations in 79 markets in 26 states across the United States and
closed 48,731 homes in the twelve-month period ended March 31,
2018. The Company is engaged in the construction and sale of
high-quality homes through its diverse brand portfolio that
includes D.R. Horton, Emerald Homes, Express Homes and Freedom
Homes with sales prices ranging from $100,000 to over $1,000,000.
D.R. Horton also provides mortgage financing and title services for
homebuyers through its mortgage and title subsidiaries.
Forward-Looking Statements
Portions of this document may constitute “forward-looking
statements” as defined by the Private Securities Litigation Reform
Act of 1995. Although D.R. Horton believes any such statements are
based on reasonable assumptions, there is no assurance that actual
outcomes will not be materially different. All forward-looking
statements are based upon information available to D.R. Horton on
the date this release was issued. D.R. Horton does not undertake
any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Forward-looking statements in this release include
that our balance sheet strength, liquidity and continued earnings
growth are increasing our strategic and financial flexibility, and
we plan to maintain our disciplined, opportunistic position to
enhance the long-term value of our company; we continue to expect
to grow our revenues and pre-tax profits at a double-digit annual
pace, while generating increasing annual operating cash flows and
returns; and with 29,400 homes in inventory at the end of March and
258,000 lots owned and controlled, we are well-positioned for the
remainder of fiscal 2018 and future years. The forward-looking
statements also include all metrics in the Guidance section of this
release and in the Forestar segment information.
Factors that may cause the actual results to be materially
different from the future results expressed by the forward-looking
statements include, but are not limited to: the cyclical nature of
the homebuilding industry and changes in economic, real estate and
other conditions; constriction of the credit markets, which could
limit our ability to access capital and increase our costs of
capital; reductions in the availability of mortgage financing
provided by government agencies, changes in government financing
programs, a decrease in our ability to sell mortgage loans on
attractive terms or an increase in mortgage interest rates; the
risks associated with our land and lot inventory; our ability to
effect our growth strategies, acquisitions or investments
successfully; home warranty and construction defect claims; the
effects of a health and safety incident; the effects of negative
publicity; supply shortages and other risks of acquiring land,
building materials and skilled labor; the impact of an
inflationary, deflationary or higher interest rate environment;
reductions in the availability of performance bonds; increases in
the costs of owning a home; the effects of governmental regulations
and environmental matters on our homebuilding operations; the
effects of governmental regulations on our financial services
operations; our significant debt and our ability to comply with
related debt covenants, restrictions and limitations; competitive
conditions within the homebuilding and financial services
industries; the effects of the loss of key personnel; and
information technology failures and data security breaches.
Additional information about issues that could lead to material
changes in performance is contained in D.R. Horton’s annual report
on Form 10-K and our most recent quarterly report on Form 10-Q,
both of which are filed with the Securities and Exchange Commission
(SEC).
D.R. HORTON, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(UNAUDITED) March 31, 2018 September
30, 2017 (In millions) ASSETS Cash and
cash equivalents
$ 1,010.8 $ 1,007.8 Restricted cash
55.4 16.5 Inventories: Construction in progress and finished
homes
5,119.6 4,606.0
Residential land and lots — developed,
under development, held for development and held for sale
5,024.8 4,631.1
10,144.4
9,237.1 Investment in unconsolidated entities
32.1 —
Mortgage loans held for sale
658.2 587.3
Deferred income taxes, net of valuation
allowance of $25.9 million and $11.2 million at March 31, 2018 and
September 30, 2017, respectively
219.9 365.0 Property and equipment, net
380.4 325.0
Other assets
607.7 565.9 Goodwill
109.2
80.0 Total assets
$ 13,218.1 $
12,184.6
LIABILITIES Accounts payable
$
582.7 $ 580.4 Accrued expenses and other liabilities
1,029.6 985.0 Notes payable
3,233.9
2,871.6 Total liabilities
4,846.2
4,437.0
EQUITY
Common stock, $.01 par value,
1,000,000,000 shares authorized, 387,459,588 shares issued and
377,409,517 shares outstanding at March 31, 2018 and 384,036,150
shares issued and 374,986,079 shares outstanding at September 30,
2017
3.9 3.8 Additional paid-in capital
3,045.7 2,992.2
Retained earnings
5,392.1 4,946.0
Treasury stock, 10,050,071 shares and
9,050,071 shares at March 31, 2018 and September 30, 2017,
respectively, at cost
(242.8 ) (194.9 ) Stockholders’ equity
8,198.9 7,747.1 Noncontrolling interests
173.0
0.5 Total equity
8,371.9
7,747.6 Total liabilities and equity
$
13,218.1 $ 12,184.6
D.R. HORTON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended March 31, Six Months
Ended March 31, 2018 2017
2018 2017 (In millions, except per
share data) Revenues
$ 3,794.7 $ 3,251.3
$
7,127.6
$
6,155.5 Cost of sales
2,961.6 2,549.9
5,541.8 4,817.8
Selling, general and administrative expense
400.9 355.2
785.1 681.0 Equity in earnings of unconsolidated entities
(0.4 ) —
(2.7 ) — Gain on sale of
assets
(1.1 ) —
(14.5 ) — Other
(income) expense
(11.1 ) (7.7 )
(18.2 ) (15.4 ) Income before income taxes
444.8 353.9
836.1 672.1 Income tax expense
94.0 124.7
296.4
236.0 Net income
350.8 229.2
539.7
436.1 Net loss attributable to noncontrolling interests
(0.2 ) —
(0.6 )
— Net income attributable to D.R. Horton, Inc.
$ 351.0 $ 229.2
$ 540.3
$ 436.1
Basic: Net income per share
$
0.93 $ 0.61
$ 1.44 $ 1.17
Weighted average number of common shares
376.8
374.4
376.3 373.8
Diluted: Net income per share
$ 0.91
$ 0.60
$ 1.41 $ 1.15
Adjusted weighted average number of common shares
383.9 378.9
383.8
378.1
Other Consolidated Financial Data:
Interest charged to cost of sales
$ 32.0 $
37.3
$ 60.6 $ 72.0 Depreciation
and amortization
$ 16.9 $ 12.9
$
33.1 $ 27.3 Interest incurred
$
31.8 $ 33.5
$ 62.8 $ 67.0
D.R. HORTON, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) Six Months Ended March 31,
2018 2017 (In millions)
OPERATING ACTIVITIES Net income
$ 539.7 $
436.1 Adjustments to reconcile net income to net cash used in
operating activities: Depreciation and amortization
33.1
27.3 Amortization of discounts and fees
2.4 2.6 Stock based
compensation expense
31.0 26.1 Equity in earnings of
unconsolidated entities
(2.7 ) — Distributions of
earnings of unconsolidated entities
0.2 — Excess income tax
benefit from employee stock awards
— (8.7 ) Deferred income
taxes
145.0 24.1 Inventory and land option charges
33.8 14.5 Gain on sale of assets
(14.5 ) —
Changes in operating assets and liabilities: Increase in
construction in progress and finished homes
(514.5 )
(603.5 )
Increase in residential land and lots –
developed, under development, held for development and held for
sale
(271.5
) (96.3 ) Decrease (increase) in other assets
4.4
(29.9 ) (Increase) decrease in mortgage loans held for sale
(70.7 ) 75.5
Decrease in accounts payable, accrued
expenses and other liabilities
(14.5
)
(3.5 ) Net cash used in operating activities
(98.8 ) (135.7 )
INVESTING ACTIVITIES
Expenditures for property and equipment
(79.0 ) (57.5
) Proceeds from sale of assets
253.4 — Increase in
restricted cash
(38.9 ) (8.9 ) Investment in
unconsolidated entities
(0.1 ) — Return of investment
in unconsolidated entities
15.2 — Net principal decrease of
other mortgage loans and real estate owned
— 1.0 Purchases
of debt securities collateralized by residential real estate
— (3.9 ) Payments related to business acquisitions, net of
cash acquired
(158.1 ) (4.1 ) Net cash
used in investing activities
(7.5 )
(73.4 )
FINANCING ACTIVITIES Proceeds from notes payable
1,913.6 — Repayment of notes payable
(1,752.5
) (0.5 ) Advances (payments) on mortgage repurchase
facility, net
69.8 (54.0 ) Proceeds from stock associated
with certain employee benefit plans
32.7 24.7 Excess income
tax benefit from employee stock awards
— 8.7 Cash paid for
shares withheld for taxes
(10.3 ) (5.1 ) Cash
dividends paid
(94.1 ) (74.7 ) Repurchases of common
stock
(47.9 ) — Distributions to noncontrolling
interests, net
(2.0 ) — Net cash
provided by (used in) financing activities
109.3
(100.9 )
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 3.0 (310.0 ) Cash and cash equivalents at
beginning of period
1,007.8 1,303.2
Cash and cash equivalents at end of period
$
1,010.8 $ 993.2
D.R.
HORTON, INC. SEGMENT INFORMATION (UNAUDITED)
March 31, 2018 Homebuilding
Forestar (1) Financial Services
Other (2) Eliminations (3)
Other Adjustments (4)
Consolidated (In millions) Assets Cash and cash
equivalents $ 528.9 $ 436.4 $ 29.1 $ 16.4 $ — $ — $ 1,010.8
Restricted cash 9.4 40.0 6.0 — — — 55.4 Inventories: —
Construction in progress and finished
homes
5,119.6 — — — — — 5,119.6
Residential land and lots — developed and
under development
4,720.0 261.7 — — 2.4
40.7 5,024.8 9,839.6 261.7 — — 2.4 40.7
10,144.4 Investment in unconsolidated entities — 17.3 — — — 14.8
32.1 Mortgage loans held for sale — — 658.2 — — — 658.2 Deferred
income taxes 218.2 1.4 — — — 0.3 219.9 Property and equipment, net
204.8 1.8 3.0 170.8 — — 380.4 Other assets
543.6
22.5 42.0 3.9
(23.0
) 18.7 607.7 Goodwill 80.0 — — —
— 29.2 109.2 $
11,424.5
$ 781.1 $ 738.3 $ 191.1 $
(20.6
) $ 103.7 $ 13,218.1 Liabilities Accounts payable $ 568.9 $
2.1 $ 3.0 $ 8.7 $ — $ — $ 582.7 Accrued expenses and other
liabilities 967.9
59.2
35.6 15.2
(23.0
) (25.3 ) 1,029.6 Notes payable 2,623.1 109.8
489.8 — — 11.2 3,233.9 $
4,159.9 $
171.1
$ 528.4 $ 23.9 $
(23.0
) $ (14.1 ) $ 4,846.2
September 30,
2017 Homebuilding Financial
Services Other (2)
Consolidated (In millions) Assets Cash and cash
equivalents $ 973.0 $ 24.1 $ 10.7 $ 1,007.8 Restricted cash 9.3 7.2
— 16.5 Inventories: Construction in progress and finished homes
4,606.0 — — 4,606.0
Residential land and lots — developed,
under development, held for development and held for sale
4,631.1 — — 4,631.1 9,237.1 — — 9,237.1
Mortgage loans held for sale — 587.3 — 587.3 Deferred income taxes
365.0 — — 365.0 Property and equipment, net 194.4 3.0 127.6 325.0
Other assets 518.7 42.2 5.0 565.9 Goodwill 80.0 —
— 80.0 $ 11,377.5 $ 663.8 $ 143.3 $ 12,184.6
Liabilities Accounts payable $ 575.6 $ 1.5 $ 3.3 $ 580.4 Accrued
expenses and other liabilities 933.1 35.6 16.3 985.0 Notes payable
2,451.6 420.0 — 2,871.6 $ 3,960.3 $
457.1 $ 19.6 $ 4,437.0 __________________ (1) Results are
presented on Forestar’s historical cost basis. (2) Amounts
represent the aggregate balances of certain subsidiaries that are
immaterial for separate reporting. (3)
Amounts represent the elimination of
intercompany transactions with Forestar and the reclassification of
Forestar’s interest expense to inventory.
(4) Amounts represent purchase accounting adjustments related to
the Forestar acquisition.
D.R. HORTON,
INC. SEGMENT INFORMATION (UNAUDITED)
Three Months Ended March 31, 2018 Homebuilding
Forestar (1) Financial Services
Other (2) Eliminations
(3) Other Adjustments (4)
Consolidated (In millions) Revenues: Home
sales $ 3,672.1 $ — $ — $ — $ — $ — $ 3,672.1 Land/lot sales and
other 13.6 22.6 — — (8.5 ) — 27.7 Financial services —
— 94.9 — —
— 94.9 3,685.7
22.6 94.9 — (8.5 )
— 3,794.7 Cost of sales: Home sales
2,907.5 — — — — — 2,907.5 Land/lot sales 12.0 16.2 — — (6.7 ) 2.5
24.0 Inventory and land option charges 30.1 —
— — — —
30.1 2,949.6 16.2
— — (6.7 ) 2.5
2,961.6 Selling, general and administrative expense
322.7 5.6 66.7 5.8 — 0.1 400.9 Equity in earnings of unconsolidated
entities — (1.5 ) — — — 1.1 (0.4 ) Gain on sale of assets — (2.7 )
— — — 1.6 (1.1 ) Interest expense — 2.1 — — (2.1 ) — — Other
(income) expense (2.6 ) (1.7 ) (3.2 )
(3.6 ) — — (11.1 ) Income before
income taxes $ 416.0 $ 4.6 $ 31.4 $ (2.2 ) $
0.3 $ (5.3 ) $ 444.8
Six
Months Ended March 31, 2018 Homebuilding
Forestar (1) Financial Services
Other (2) Eliminations (3)
Other Adjustments (4)
Consolidated (In millions) Revenues: Home
sales $ 6,856.6 $ — $ — $ — $ — $ — $ 6,856.6 Land/lot sales and
other 50.0 53.5 — — (8.5 ) — 95.0 Financial services —
— 176.0 — —
— 176.0 6,906.6
53.5 176.0 — (8.5
) — 7,127.6 Cost of sales: Home sales
5,429.0 — — — — — 5,429.0 Land/lot sales 43.3 35.5 — — (6.7 ) 6.9
79.0 Inventory and land option charges 33.8 —
— — — —
33.8 5,506.1 35.5
— — (6.7 ) 6.9
5,541.8 Selling, general and administrative expense
627.5 19.1 128.4 9.8 — 0.3 785.1 Equity in earnings of
unconsolidated entities — (9.1 ) — — — 6.4 (2.7 ) Gain on sale of
assets (13.4 ) (2.7 ) — — — 1.6 (14.5 ) Interest expense — 4.2 — —
(4.2 ) — — Other (income) expense (3.4 ) (2.2 )
(6.1 ) (6.5 )
—
— (18.2 ) Income before income taxes $
789.8 $ 8.7 $ 53.7 $ (3.3 ) $ 2.4 $
(15.2 ) $ 836.1 Summary Cash Flow Information: Cash provided
by (used in) operating activities $
90.7
$
(150.2
) $ (30.7 ) $
(0.5
)
—
$ (8.1 ) $ (98.8 ) __________________ (1) Results are
presented from the date of acquisition and on Forestar’s historical
cost basis. (2) Amounts represent the aggregate balances of certain
subsidiaries that are immaterial for separate reporting. (3)
Amounts represent the elimination of
intercompany transactions with Forestar and the reclassification of
Forestar’s interest expense to inventory.
(4) Amounts represent purchase accounting adjustments related to
the Forestar acquisition.
D.R. HORTON,
INC. SEGMENT INFORMATION (UNAUDITED)
Three Months Ended March 31, 2017 Homebuilding
Financial Services Other (1)
Consolidated (In millions) Revenues:
Home sales $ 3,158.1 $ — $ — $ 3,158.1 Land/lot sales and other 6.3
— — 6.3 Financial services — 86.9
— 86.9 3,164.4
86.9 — 3,251.3 Cost of sales:
Home sales 2,532.1 — — 2,532.1 Land/lot sales 5.6 — — 5.6 Inventory
and land option charges 12.2 — —
12.2 2,549.9 —
— 2,549.9 Selling, general and
administrative expense 294.5 58.2 2.5 355.2 Other (income) expense
(2.4 ) (3.5 ) (1.8 ) (7.7 ) Income
before income taxes $ 322.4 $ 32.2 $ (0.7 ) $ 353.9
Six Months Ended March 31, 2017
Homebuilding Financial Services Other (1)
Consolidated (In millions) Revenues: Home sales $
5,955.8 $ — $ — $ 5,955.8 Land/lot sales and other 34.7 — — 34.7
Financial services — 165.0 —
165.0 5,990.5 165.0
— 6,155.5 Cost of sales: Home
sales 4,776.9 — — 4,776.9 Land/lot sales 26.4 — — 26.4 Inventory
and land option charges 14.5 — —
14.5 4,817.8 —
— 4,817.8 Selling, general and
administrative expense 562.9 112.9 5.2 681.0 Other (income) expense
(6.5 ) (6.7 ) (2.2 ) (15.4 ) Income
before income taxes $ 616.3 $ 58.8 $ (3.0 ) $ 672.1
Summary Cash Flow Information: Cash (used in) provided by
operating activities $ (240.4 ) $ 108.6 $ (3.9 ) $ (135.7 )
__________________ (1) Amounts represent the aggregate
balances of certain subsidiaries that are immaterial for separate
reporting.
D.R. HORTON, INC. ORDERS,
CLOSINGS AND BACKLOG
($'s in millions)
NET SALES ORDERS Three Months Ended
March 31, Six Months Ended March
31, 2018 2017 2018
2017 Homes Value Homes
Value Homes Value Homes
Value East
1,991 $ 566.8 1,791 $
513.1
3,421 $ 965.3 2,937 $ 844.1 Midwest
790 306.5 643 249.2
1,167 451.5 1,006
392.4 Southeast
5,054 1,352.6 4,470 1,167.1
8,686 2,329.0 7,618 1,992.2 South Central
4,788 1,200.5 4,329 1,071.5
7,814
1,961.2 7,167 1,782.6 Southwest
889 211.7 745
172.8
1,590 376.8 1,203 279.5 West
2,316
1,103.4 2,013 1,015.5
3,903
1,880.3 3,301 1,662.3
15,828 $
4,741.5 13,991 $ 4,189.2
26,581 $
7,964.1 23,232 $ 6,953.1
HOMES CLOSED
Three Months Ended March 31, Six Months Ended March
31, 2018 2017 2018 2017
Homes Value Homes Value Homes
Value Homes Value East
1,531 $
435.4 1,309 $ 372.6
2,919 $ 828.4 2,362
$ 678.4 Midwest
514 203.6 430 168.0
922
365.0 829 317.6 Southeast
3,935 1,041.0 3,695
968.7
7,679 2,029.7 7,032 1,851.2 South Central
3,636 913.3 3,254 815.0
6,814 1,721.6
6,157 1,553.6 Southwest
713 168.8 532 126.7
1,405 324.6 987 231.4 West
1,952
910.0 1,465 707.1
3,330 1,587.3
2,722 1,323.6
12,281 $ 3,672.1 10,685 $
3,158.1
23,069 $ 6,856.6 20,089 $ 5,955.8
SALES ORDER BACKLOG As of March 31,
2018 2017 Homes Value Homes
Value East
2,046 $ 589.7 1,876 $ 548.7
Midwest
664 258.9 647 258.8 Southeast
5,064
1,404.2 4,639 1,262.7 South Central
4,956
1,257.8 4,850 1,247.1 Southwest
1,028 244.8
871 198.8 West
2,083 1,078.1 1,735
919.2
15,841 $ 4,833.5 14,618 $ 4,435.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180426005540/en/
D.R. Horton, Inc.Jessica Hansen, 817-390-8200Vice President of
Investor RelationsInvestorRelations@drhorton.com
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