Company to Release Full 2018 Fourth Quarter and
Fiscal Year Results on November 8, 2018
Select Fiscal 2018 Fourth Quarter Highlights - comparisons to
the prior year quarter
- Homes closed increased 11% to 14,674
homes and 9% in value to $4.4 billion
- Net sales orders increased 11% to
11,509 homes and 10% in value to $3.4 billion
Select Fiscal 2018 Highlights - comparisons to the prior
year
- Homes closed increased 13% to 51,857
homes and 14% in value to $15.5 billion
- Net sales orders increased 13% to
52,740 homes and 13% in value to $15.8 billion
- Homes in inventory increased 13% to
29,700 homes
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today announced
select preliminary results for its fourth quarter and fiscal year
ended September 30, 2018 to provide an update relative to reported
market conditions and recent events.
The Company’s homes closed in the fourth quarter of fiscal 2018
increased 11% to 14,674 homes, compared to 13,165 homes in the same
quarter of fiscal 2017. Home sales revenue for the quarter
increased 9% to $4.4 billion from $4.0 billion in the same quarter
of fiscal 2017. For the fiscal year ended September 30, 2018,
homes closed increased 13% to 51,857 homes, compared to 45,751
homes in fiscal 2017. Home sales revenue in fiscal 2018 increased
14% to $15.5 billion from $13.7 billion in fiscal 2017.
Net sales orders for the fourth quarter ended September 30,
2018 increased 11% to 11,509 homes from 10,333 homes in the
year-ago quarter, and the value of net sales orders increased 10%
to $3.4 billion from $3.1 billion. The Company’s cancellation rate
(cancelled sales orders divided by gross sales orders) for the
fourth quarter of fiscal 2018 was 26%, compared to 25% in same
quarter of fiscal 2017. Net sales orders for the fiscal year ended
September 30, 2018 increased 13% to 52,740 homes from 46,605
homes in fiscal 2017, and the value of net sales orders increased
13% to $15.8 billion from $13.9 billion. The Company's cancellation
rate for fiscal 2018 was 22%, unchanged from fiscal 2017. At
September 30, 2018, the Company’s sales order backlog of homes
increased 8% to 13,371 homes and 8% in value to $4.0 billion,
compared to 12,329 homes and $3.7 billion at September 30,
2017.
Donald R. Horton, Chairman of the Board, said, “The D.R. Horton
team delivered strong fiscal year 2018 results. Our fourth quarter
homes closed increased 11%, and sales increased 11% on a 3% decline
in active communities. Sales absorptions increased across all of
our brands and geographic regions compared to the prior year,
showing continued solid demand for our product offerings through
September.
“We are confident in our team’s ability to drive growth as
economic and housing fundamentals remain favorable, inventory
levels are low and we continue to see good demand in our markets,
particularly at affordable price points. With almost 30,000 homes
in inventory at the end of the year and an attractive lot position,
we continue to expect strong performance over the next year and are
well-positioned to grow our consolidated revenues at a double-digit
pace.”
Supplemental Data
Select updated supplemental data including brand stratification
and changes in average active selling communities by region is
posted under the presentations section of our investor relations
site at investor.drhorton.com. Additional supplemental data will be
posted to the site after our earnings call on November 8, 2018.
Conference Call and Webcast Details
The Company will release full financial results for its fourth
quarter and fiscal year ended September 30, 2018 on Thursday,
November 8, 2018 before the market opens. The Company will host a
conference call that morning at 8:30 a.m. Eastern Time (ET). The
dial-in number is 877-407-8033. Participants are encouraged to call
in five minutes before the call begins (8:25 a.m. ET). The call
will also be webcast from the Company’s website at
investor.drhorton.com.
A replay of the call will be available after 2:00 p.m. ET on
Thursday, November 8, 2018 at 877-481-4010. When calling, please
reference conference ID #37936. The replay will also be available
from the Company’s website at investor.drhorton.com. The replay
will be available through midnight ET on November 15, 2018.
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 80 markets in 26 states across the United States and
closed 51,857 homes during its fiscal year ended September 30,
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 we are confident in our team’s ability to drive growth as
economic and housing fundamentals remain favorable, inventory
levels are low and we continue to see good demand in our markets,
particularly at affordable price points. The forward-looking
statements also include that with almost 30,000 homes in inventory
at the end of the year and an attractive lot position, we continue
to expect strong performance over the next year and are
well-positioned to grow our consolidated revenues at a double-digit
pace.
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.
D.R. HORTON, INC. ($’s in millions)
NET SALES ORDERS Three Months Ended
September 30, Fiscal Year Ended
September 30, 2018 2017 2018
2017 Homes Value
Homes Value Homes Value
Homes Value East
1,625 $
465.7 1,460 $411.0
6,994 $ 1,988.8
6,039 $ 1,708.9 Midwest
496 191.6 378 152.3
2,209 864.3 1,841 722.6 Southeast
3,972
1,058.1 3,556 925.7
17,380 4,640.7 15,575
4,068.9 South Central
3,025 755.3 2,516 630.1
15,317 3,849.8 13,374 3,339.1 Southwest
672
177.1 674 154.3
3,179 784.4 2,693 620.5 West
1,719 782.6 1,749 842.7
7,661
3,632.7 7,083 3,481.2
11,509 $
3,430.4 10,333 $3,116.1
52,740 $
15,760.7 46,605 $ 13,941.2
HOMES CLOSED
Three Months Ended September 30, Fiscal Year Ended
September 30, 2018 2017 2018 2017
Homes Value Homes Value Homes
Value Homes Value East
1,897 $
535.5 1,710 $478.7
6,697 $ 1,893.0
5,796 $ 1,639.1 Midwest
610 236.9 552 214.5
2,186 857.5 1,892 734.1 Southeast
4,817
1,280.8 4,209 1,098.4
17,216 4,573.3 15,571
4,085.7 South Central
4,117 1,035.9 3,497 880.6
14,940 3,760.4 13,258 3,339.1 Southwest
921
220.2 861 194.5
3,094 725.4 2,505 578.5 West
2,312 1,070.6 2,336 1,168.4
7,724
3,692.4 6,729 3,276.7
14,674 $
4,379.9 13,165 $4,035.1
51,857 $
15,502.0 45,751 $ 13,653.2
SALES ORDER
BACKLOG As of September 30, 2018 2017
Homes Value Homes Value East
1,841 $ 548.6 1,544 $ 452.8 Midwest
442
179.2 419 172.5 Southeast
4,221 1,172.3 4,057
1,104.9 South Central
4,492 1,151.8 3,956 1,018.1
Southwest
928 251.7 843 192.7 West
1,447
725.3 1,510 785.0
13,371 $
4,028.9 12,329 $ 3,726.0
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181009005294/en/
D.R. Horton, Inc.Jessica Hansen, 817-390-8200Vice President of
Investor RelationsInvestorRelations@drhorton.com
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