D.R. Horton, Inc. (NYSE:DHI):
Fiscal 2018 Third Quarter Highlights - comparisons to the
prior year quarter
- Net income attributable to D.R. Horton
increased 57% to $453.8 million or $1.18 per diluted share
- Consolidated pre-tax income increased
39% to $616.2 million
- Consolidated pre-tax profit margin
improved 210 basis points to 13.9%
- Net sales orders increased 13% in value
to $4.4 billion and 12% in homes to 14,650
- Homes closed increased 16% in value to
$4.3 billion and 13% in homes to 14,114
Fiscal Year-to-Date Highlights - comparisons to the prior
year period
- Consolidated pre-tax income increased
30% to $1.5 billion
- Consolidated pre-tax profit margin
improved 140 basis points to 12.6%
- Increasing fiscal 2018 guidance for
consolidated pre-tax profit margin to a range of 12.7% to
12.9%
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported
that net income attributable to D.R. Horton for the third fiscal
quarter increased 57% to $453.8 million, or $1.18 per diluted
share, compared to $289.0 million, or $0.76 per diluted share, in
the same quarter of fiscal 2017. Homebuilding revenue for the third
quarter of fiscal 2018 increased 17% to $4.3 billion from $3.7
billion in the same quarter of fiscal 2017. Homes closed in the
quarter increased 13% to 14,114 homes compared to 12,497 homes
closed in the same quarter of fiscal 2017.
For the nine months ended June 30, 2018, net income
attributable to D.R. Horton increased 37% to $994.1 million, or
$2.59 per diluted share, compared to $725.1 million, or $1.92 per
diluted share, in the same period of fiscal 2017. Homebuilding
revenue for the first nine months of fiscal 2018 increased 16% to
$11.2 billion from $9.7 billion in the same period of fiscal 2017.
Homes closed in the first nine months of 2018 increased 14% to
37,183 homes compared to 32,586 homes closed in the same period of
fiscal 2017.
The Company’s effective tax rates for the three and nine month
periods ended June 30, 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
nine month period ended June 30, 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 third quarter ended June 30, 2018
increased 12% to 14,650 homes and 13% in value to $4.4 billion
compared to 13,040 homes and $3.9 billion in the same quarter of
the prior year. The Company’s cancellation rate (cancelled sales
orders divided by gross sales orders) for the third quarter of
fiscal 2018 was 21%, consistent with the prior year quarter. Net
sales orders for the first nine months of fiscal 2018 increased 14%
to 41,231 homes and 14% in value to $12.3 billion compared to
36,272 homes and $10.8 billion in the same period of fiscal
2017.
The Company’s homes in inventory at June 30, 2018 increased
8% to 29,800 homes compared to 27,600 homes at June 30, 2017.
The Company's homebuilding land and lot portfolio at June 30,
2018 increased 10% to 277,700 lots, of which 44% were owned and 56%
were controlled through option contracts, compared to 252,100 lots
at June 30, 2017, of which 50% were owned and 50% were
controlled through option contracts.
The Company ended the third quarter with $748.0 million of
homebuilding unrestricted cash and a homebuilding debt to total
capital ratio of 22.2%. 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 is producing strong results in fiscal 2018. Net income for the
quarter increased 57% to $453.8 million on a 17% increase in
consolidated revenues to $4.4 billion. Our pre-tax profit margin
improved 210 basis points to 13.9%, and the value of our net sales
orders increased 13%. For the nine months ended June 30, 2018,
consolidated pre-tax income, homebuilding revenues and homes closed
increased 30%, 16% and 14%, respectively. 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 29,800 homes in inventory at the end of June and
277,700 lots owned and controlled, we are well-positioned for the
fourth quarter and fiscal 2019.”
Dividends
During the third quarter of fiscal 2018, the Company paid cash
dividends of $47.2 million. The Company has also declared a
quarterly cash dividend of $0.125 per common share that is payable
on August 22, 2018 to stockholders of record on August 8,
2018.
Share Repurchases
The Company repurchased 608,537 shares of common stock for $27.0
million during the third quarter of fiscal 2018. Subsequent to
quarter-end, the Company’s Board of Directors authorized the
repurchase of up to $400 million of the Company’s common stock
effective through September 2019, which replaced the prior
authorization.
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 20
markets and 11 states. Forestar’s results of operations for the
three month period ended June 30, 2018 and from
October 5, 2017 (acquisition date) through June 30, 2018
are fully consolidated in the Company’s financial statements with
the 25% interest not owned by the Company reported as
noncontrolling interests. These results 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 future growth plans.
Guidance
Based on current market conditions and the Company’s results for
the first nine months of fiscal 2018, D.R. Horton is increasing its
fiscal 2018 guidance for consolidated pre-tax profit margin to a
range of 12.7% to 12.9%. The Company will provide guidance for its
fourth quarter of fiscal 2018 and preliminary guidance for fiscal
2019 on its conference call today.
Presentation
Consistent with the first half 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, July
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 80 markets in 26 states across the United States and
closed 50,348 homes in the twelve-month period ended June 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 our balance sheet strength, liquidity and continued earnings
growth are increasing our strategic and financial flexibility; 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 29,800 homes in inventory at the end of June and
277,700 lots owned and controlled, we are well-positioned for the
fourth quarter and fiscal 2019. 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) June 30, 2018 September
30, 2017 (In millions) ASSETS Cash and
cash equivalents
$ 1,178.2 $ 1,007.8 Restricted cash
58.7 16.5 Inventories: Construction in progress and finished
homes
5,194.8 4,606.0
Residential land and lots — developed,
under development, held for development and held for sale
5,108.5 4,631.1
10,303.3
9,237.1 Investment in unconsolidated entities
32.2 —
Mortgage loans held for sale
679.9 587.3
Deferred income taxes, net of valuation
allowance of $29.3 million and $11.2 million at June 30, 2018 and
September 30, 2017, respectively
204.6 365.0 Property and equipment, net
385.2 325.0
Other assets
642.1 565.9 Goodwill
109.2
80.0 Total assets
$ 13,593.4 $
12,184.6
LIABILITIES Accounts payable
$
655.3 $ 580.4 Accrued expenses and other liabilities
1,074.6 985.0 Notes payable
3,093.6
2,871.6 Total liabilities
4,823.5
4,437.0
EQUITY
Common stock, $.01 par value,
1,000,000,000 shares authorized,
387,651,773 shares issued and 376,993,165
shares outstanding at June 30, 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
3,064.4 2,992.2
Retained earnings
5,798.8 4,946.0
Treasury stock, 10,658,608 shares and
9,050,071 shares at June 30, 2018 and September 30, 2017,
respectively, at cost
(269.8 ) (194.9 ) Stockholders’ equity
8,597.3 7,747.1 Noncontrolling interests
172.6
0.5 Total equity
8,769.9
7,747.6 Total liabilities and equity
$
13,593.4 $ 12,184.6
D.R. HORTON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended June 30, Nine Months
Ended June 30, 2018 2017
2018 2017 (In millions, except per
share data) Revenues
$ 4,435.3 $ 3,776.4
$
11,562.9 $ 9,931.9 Cost of sales
3,397.2 2,961.1
8,939.0 7,778.9 Selling, general and administrative expense
434.9 374.5
1,219.9 1,055.5 Equity in earnings of
unconsolidated entities
(0.4 ) —
(3.1 )
— Gain on sale of assets
— —
(14.5 ) — Other
(income) expense
(12.6 ) (3.7 )
(30.7 ) (19.0 ) Income before income taxes
616.2 444.5
1,452.3 1,116.5 Income tax expense
162.5 155.5
458.9
391.4 Net income
453.7 289.0
993.4
725.1 Net loss attributable to noncontrolling interests
(0.1 ) —
(0.7 )
— Net income attributable to D.R. Horton, Inc.
$ 453.8 $ 289.0
$ 994.1
$ 725.1
Basic: Net income per share
$
1.20 $ 0.77
$ 2.64 $ 1.94
Weighted average number of common shares
377.4
374.8
376.6 374.1
Diluted: Net income per share
$ 1.18
$ 0.76
$ 2.59 $ 1.92
Adjusted weighted average number of common shares
383.4 379.4
383.6
378.5
Other Consolidated Financial Data:
Interest charged to cost of sales
$ 35.4 $
38.7
$ 96.0 $ 110.7 Depreciation
and amortization
$ 13.5 $ 13.1
$
46.6 $ 40.4 Interest incurred
$
31.0 $ 32.4
$ 93.8 $ 99.4
D.R. HORTON, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) Nine Months Ended June 30,
2018 2017 (In millions)
OPERATING ACTIVITIES Net income
$ 993.4 $
725.1 Adjustments to reconcile net income to net cash provided by
(used in) operating activities: Depreciation and amortization
46.6 40.4 Amortization of discounts and fees
6.3 3.9
Stock based compensation expense
46.3 40.4 Equity in
earnings of unconsolidated entities
(3.1 ) —
Distributions of earnings of unconsolidated entities
0.2 —
Excess income tax benefit from employee stock awards
— (10.5
) Deferred income taxes
160.3 92.0 Inventory and land option
charges
42.8 19.9 Gain on sale of assets
(14.5
) — Changes in operating assets and liabilities: Increase in
construction in progress and finished homes
(590.6 )
(870.9 )
Increase in residential land and lots –
developed, under development, held for development and held for
sale
(359.8 ) (352.2 ) Increase in other assets
(34.6 ) (29.5 ) (Increase) decrease in mortgage loans
held for sale
(92.4 ) 26.2 Increase in accounts
payable, accrued expenses and other liabilities
105.6
129.5 Net cash provided by (used in) operating
activities
306.5 (185.7 )
INVESTING
ACTIVITIES Expenditures for property and equipment
(110.1 ) (103.5 ) Proceeds from sale of assets
261.1 — Increase in restricted cash
(42.2 )
(9.9 ) Investment in unconsolidated entities
(0.1 ) —
Return of investment in unconsolidated entities
15.5 — Net
principal (increase) decrease of other mortgage loans and real
estate owned
(0.8 ) 5.3 Purchases of debt securities
collateralized by residential real estate
— (8.8 ) Payments
related to business acquisitions, net of cash acquired
(158.1 ) (4.1 ) Net cash used in investing
activities
(34.7 ) (121.0 )
FINANCING ACTIVITIES Proceeds from notes payable
2,164.3 700.0 Repayment of notes payable
(2,179.5
) (1,051.4 ) Advances on mortgage repurchase facility, net
106.3 0.4 Proceeds from stock associated with certain
employee benefit plans
36.2 34.3 Excess income tax benefit
from employee stock awards
— 10.5 Cash paid for shares
withheld for taxes
(10.3 ) (5.1 ) Cash dividends paid
(141.3 ) (112.2 ) Repurchases of common stock
(74.9 ) (60.6 ) Distributions to noncontrolling
interests, net
(2.2 ) — Net cash
used in financing activities
(101.4 )
(484.1 )
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
170.4 (790.8 ) Cash and cash equivalents at beginning of
period
1,007.8 1,303.2 Cash and
cash equivalents at end of period
$ 1,178.2 $
512.4
D.R. HORTON, INC.
SEGMENT INFORMATION (UNAUDITED) June 30,
2018 Homebuilding Forestar (1)
Financial Services Other
(2) Eliminations (3)
Other Adjustments (4) Consolidated
(In millions) Assets Cash and cash equivalents $ 748.0 $
367.7 $ 43.1 $ 19.4 $ — $ — $ 1,178.2 Restricted cash 11.2 40.0 7.5
— — — 58.7 Inventories:
Construction in progress and finished
homes
5,194.8 — — — — — 5,194.8
Residential land and lots — developed,
under development, held for development and held for sale
4,715.5 360.8 — — 0.4
31.8 5,108.5 9,910.3 360.8 — — 0.4 31.8
10,303.3 Investment in unconsolidated entities — 18.0 — — — 14.2
32.2 Mortgage loans held for sale — — 679.9 — — — 679.9 Deferred
income taxes, net 203.2 1.3 — — — 0.1 204.6 Property and equipment,
net 205.5 1.8 3.0 174.9 — — 385.2 Other assets 594.2 21.2 44.0 3.4
(39.5 ) 18.8 642.1 Goodwill 80.0 — — —
— 29.2 109.2 $ 11,752.4 $ 810.8
$ 777.5 $ 197.7 $ (39.1 ) $ 94.1 $ 13,593.4 Liabilities
Accounts payable $ 641.8 $ 7.4 $ 3.9 $ 5.4 $ (3.2 ) $ — $ 655.3
Accrued expenses and other liabilities 1,007.6 72.8 38.9 12.8 (36.7
) (20.8 ) 1,074.6 Notes payable 2,447.1 110.5
526.3 — — 9.7 3,093.6 $
4,096.5 $ 190.7 $ 569.1 $ 18.2 $ (39.9 ) $ (11.1 ) $ 4,823.5
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,
net 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) Amounts 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 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 June 30, 2018 Homebuilding
Forestar (1) Financial
Services Other (2)
Eliminations (3) Other Adjustments (4)
Consolidated (In millions) Revenues:
Home sales $ 4,265.5 $ — $ — $ — $ — $ — $ 4,265.5 Land/lot
sales and other 59.1 23.6 — — (8.8 ) (1.2 ) 72.7 Financial services
— — 97.1 —
— — 97.1 4,324.6
23.6 97.1 —
(8.8 ) (1.2 ) 4,435.3 Cost of sales: Home
sales 3,332.8 — — — — — 3,332.8 Land/lot sales and other 45.4 10.0
— — (5.6 ) 5.7 55.5 Inventory and land option charges 8.9
— — — —
— 8.9 3,387.1
10.0 — — (5.6 )
5.7 3,397.2 Selling, general and
administrative expense 349.1 6.5 71.1 8.1 — 0.1 434.9 Equity in
earnings of unconsolidated entities — (1.0 ) — — — 0.6 (0.4 ) Gain
on sale of assets — (1.3 ) — — — 1.3 — Interest expense — 1.6 — —
(1.6 ) — — Other (income) expense (1.3 ) (2.7 )
(4.3 ) (5.0 ) — 0.7
(12.6 ) Income (loss) before income taxes $ 589.7 $
10.5 $ 30.3 $ (3.1 ) $ (1.6 ) $ (9.6 ) $ 616.2
Nine Months Ended June 30, 2018
Homebuilding Forestar (1)
Financial Services Other (2)
Eliminations (3) Other Adjustments
(4) Consolidated (In millions)
Revenues: Home sales $ 11,122.1 $ — $ — $ — $ — $ — $ 11,122.1
Land/lot sales and other 109.2 77.0 — — (17.3 ) (1.2 ) 167.7
Financial services — — 273.1
— — — 273.1
11,231.3 77.0 273.1
— (17.3 ) (1.2 ) 11,562.9
Cost of sales: Home sales 8,761.7 — — — — — 8,761.7 Land/lot
sales and other 88.7 45.5 — — (12.3 ) 12.6 134.5 Inventory and land
option charges 42.8 — —
— — — 42.8
8,893.2 45.5 — —
(12.3 ) 12.6 8,939.0
Selling, general and administrative expense 976.6 25.6 199.6 17.8 —
0.3 1,219.9 Equity in earnings of unconsolidated entities — (10.1 )
— — — 7.0 (3.1 ) Gain on sale of assets (13.4 ) (4.0 ) — — — 2.9
(14.5 ) Interest expense — 5.8 — — (5.8 ) — — Other (income)
expense (4.6 ) (4.9 ) (10.5 ) (11.4 )
— 0.7 (30.7 ) Income (loss)
before income taxes $ 1,379.5 $ 19.1 $ 84.0 $
(6.4 ) $ 0.8 $ (24.7 ) $ 1,452.3 Summary Cash Flow
Information: Cash provided by (used in) operating activities $
565.2 $ (219.2 ) $ (27.0 ) $ (4.4 ) $ — $ (8.1 ) $
306.5 __________________ (1) Results are presented
from the date of acquisition and on Forestar’s historical cost
basis. (2) Amounts represent the aggregate results of certain
subsidiaries that are immaterial for separate reporting. (3)
Amounts represent the elimination of intercompany transactions with
Forestar and the reclassification of Forestar 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 June 30, 2017 Homebuilding
Financial Services Other
(1) Consolidated (In millions)
Revenues: Home sales $ 3,662.3 $ — $ — $ 3,662.3 Land/lot sales and
other 22.2 — — 22.2 Financial services — 91.9
— 91.9 3,684.5
91.9 — 3,776.4 Cost of
sales: Home sales 2,936.9 — — 2,936.9 Land/lot sales and other 18.8
— — 18.8 Inventory and land option charges 5.4
— — 5.4 2,961.1
— — 2,961.1 Selling,
general and administrative expense 309.5 62.1 2.9 374.5 Other
(income) expense (1.3 ) (4.1 ) 1.7
(3.7 ) Income (loss) before income taxes $ 415.2 $
33.9 $ (4.6 ) $ 444.5
Nine
Months Ended June 30, 2017 Homebuilding
Financial Services Other (1)
Consolidated (In millions) Revenues: Home
sales $ 9,618.1 $ — $ — $ 9,618.1 Land/lot sales and other 56.9 — —
56.9 Financial services — 256.9
— 256.9 9,675.0 256.9
— 9,931.9 Cost of sales: Home
sales 7,713.8 — — 7,713.8 Land/lot sales and other 45.2 — — 45.2
Inventory and land option charges 19.9 —
— 19.9 7,778.9
— — 7,778.9 Selling,
general and administrative expense 872.4 175.0 8.1 1,055.5 Other
(income) expense (7.8 ) (10.8 ) (0.4 )
(19.0 ) Income (loss) before income taxes $ 1,031.5 $ 92.7
$ (7.7 ) $ 1,116.5 Summary Cash Flow Information:
Cash (used in) provided by operating activities $ (259.6 ) $ 76.9
$ (3.0 ) $ (185.7 ) __________________ (1) Amounts
represent the aggregate results 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 June 30, Nine Months
Ended June 30, 2018 2017
2018 2017 Homes
Value Homes Value Homes
Value Homes Value
East
1,948 $ 557.9 1,642 $ 453.8
5,369
$ 1,523.2 4,579 $ 1,297.9 Midwest
546
221.2 457 177.9
1,713 672.6 1,463 570.3
Southeast
4,722 1,253.5 4,401 1,151.0
13,408
3,582.5 12,019 3,143.2 South Central
4,478
1,133.3 3,691 926.4
12,292 3,094.5 10,858
2,709.0 Southwest
917 230.5 816 186.7
2,507
607.3 2,019 466.2 West
2,039 969.8
2,033 976.2
5,942 2,850.2 5,334
2,638.5
14,650 $ 4,366.2 13,040 $ 3,872.0
41,231 $ 12,330.3 36,272 $ 10,825.1
HOMES CLOSED Three Months Ended June
30, Nine Months Ended June 30, 2018 2017
2018 2017 Homes Value Homes
Value Homes Value Homes Value
East
1,881 $ 529.1 1,724 $ 482.1
4,800
$ 1,357.5 4,086 $ 1,160.5 Midwest
654
255.6 511 201.9
1,576 620.6 1,340 519.6
Southeast
4,720 1,262.8 4,330 1,136.1
12,399
3,292.5 11,362 2,987.3 South Central
4,009
1,002.8 3,604 904.9
10,823 2,724.5 9,761
2,458.5 Southwest
768 180.6 657 152.6
2,173
505.2 1,644 383.9 West
2,082 1,034.6
1,671 784.7
5,412 2,621.8 4,393
2,108.3
14,114 $ 4,265.5 12,497 $ 3,662.3
37,183 $ 11,122.1 32,586 $ 9,618.1
SALES ORDER BACKLOG As of June 30,
2018 2017 Homes Value Homes
Value East
2,113 $ 618.5 1,794 $ 520.5
Midwest
556 224.5 593 234.7 Southeast
5,066
1,395.0 4,710 1,277.6 South Central
5,584
1,432.4 4,937 1,268.6 Southwest
1,177 294.7
1,030 232.9 West
2,040 1,013.4 2,097
1,110.7
16,536 $ 4,978.5 15,161 $ 4,645.0
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180726005235/en/
D.R. Horton, Inc.Jessica Hansen, 817-390-8200Vice President of
Investor RelationsInvestorRelations@drhorton.com
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