D.R. Horton, Inc. (NYSE:DHI):
Fiscal 2019 Second Quarter Highlights - comparisons to the
prior year quarter
- Net income attributable to D.R. Horton
was $351.3 million or $0.93 per diluted share
- Consolidated pre-tax income increased
4% to $462.8 million
- Consolidated pre-tax profit margin was
11.2%
- Homes closed increased 10% to 13,480
homes and 8% in value to $4.0 billion
- Net sales orders increased 6% to 16,805
homes and 4% in value to $4.9 billion
- Repurchased 2.0 million shares of
common stock for $75.6 million
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported
that net income attributable to D.R. Horton for its second fiscal
quarter ended March 31, 2019 was $351.3 million, or $0.93 per
diluted share, compared to $351.0 million, or $0.91 per diluted
share, in the same quarter of fiscal 2018. Homebuilding revenue for
the second quarter of fiscal 2019 increased 8% to $4.0 billion from
$3.7 billion in the same quarter of fiscal 2018. Homes closed in
the quarter increased 10% to 13,480 homes compared to 12,281 homes
closed in the same quarter of fiscal 2018.
For the six months ended March 31, 2019, net income
attributable to D.R. Horton increased 18% to $638.4 million, or
$1.68 per diluted share, compared to $540.3 million, or $1.41 per
diluted share, in the same period of fiscal 2018. Homebuilding
revenue for the first six months of fiscal 2019 increased 7% to
$7.4 billion from $6.9 billion in the same period of fiscal 2018.
Homes closed in the first six months of fiscal 2019 increased 8% to
24,980 homes compared to 23,069 homes closed in the same period of
fiscal 2018.
Net sales orders for the second quarter ended March 31,
2019 increased 6% to 16,805 homes and 4% in value to $4.9 billion
compared to 15,828 homes and $4.7 billion in the same quarter of
the prior year. Excluding the effects of recent acquisitions, the
Company’s second quarter net sales orders increased 3% from the
prior year quarter. The Company’s cancellation rate (cancelled
sales orders divided by gross sales orders) for the second quarter
of fiscal 2019 was 19%, consistent with the prior year quarter. Net
sales orders for the first six months of fiscal 2019 increased 5%
to 27,847 homes and 3% in value to $8.2 billion compared to 26,581
homes and $8.0 billion in the same period of fiscal 2018.
The Company had 32,100 homes in inventory excluding model homes
at March 31, 2019, and its homebuilding land and lot portfolio
was 316,400 lots, of which 38% were owned and 62% were controlled
through land purchase contracts.
The Company ended the second quarter with $557.3 million of
homebuilding unrestricted cash and a homebuilding debt to total
capital ratio of 22.9%. 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 solid results in our second quarter. Our
consolidated revenues increased 9% to $4.1 billion, and our pre-tax
profit margin was 11.2%. The spring selling season is going well,
as our net sales orders increased 52% sequentially from the
December quarter and 6% from the March quarter last year. These
results reflect the strength of our experienced operational teams,
industry-leading market share, broad geographic footprint and
affordable product offerings across multiple brands.
“Our continued strategic focus is to consolidate market share
while growing our revenues and profits, generating strong annual
cash flows and returns and maintaining a flexible financial
position. With 32,100 homes in inventory at the end of March and
316,400 lots owned and controlled, we are well-positioned for the
remainder of fiscal 2019 and future years.”
Dividends
During the second quarter of fiscal 2019, the Company paid cash
dividends of $55.9 million. Subsequent to quarter-end, the Company
declared a quarterly cash dividend of $0.15 per common share that
is payable on May 28, 2019 to stockholders of record on
May 13, 2019.
Share Repurchases
The Company repurchased 2.0 million shares of common stock for
$75.6 million during the second quarter of fiscal 2019, for a total
of 6.1 million shares of common stock for $216.2 million during the
six months ended March 31, 2019. The Company’s remaining stock
repurchase authorization at March 31, 2019 was $159.3
million.
Forestar
Forestar Group Inc. (NYSE:FOR)(“Forestar”), a majority-owned
subsidiary of D.R. Horton, is a publicly-traded residential
lot development company, which currently operates in 41 markets and
17 states. Forestar’s results of operations for the periods
presented are fully consolidated in the Company’s financial
statements with the 25% interest not owned by the Company reported
as noncontrolling interests.
For the second quarter ended March 31, 2019, Forestar sold
548 lots and generated $65.4 million of revenue compared to 304
lots and $22.6 million of revenue in the prior year period. For the
six months ended March 31, 2019, Forestar sold 1,066 lots and
generated $103.8 million of revenue compared to 559 lots and $53.5
million of revenue from the acquisition date through March 31,
2018. These results are included in the Company’s segment
information following the consolidated financials.
Subsequent to quarter-end, Forestar issued $350 million
principal amount of 8.0% senior notes. The notes are due
April 15, 2024, with interest payable semi-annually. On its
conference call today, D.R. Horton will provide an update on
Forestar’s operations, capital structure and future growth
plans.
DHI Communities
DHI Communities, a wholly-owned D.R. Horton subsidiary, is a
multi-family rental company that has four projects under active
construction and two projects that are substantially complete at
March 31, 2019. During the second quarter of fiscal 2019, DHI
Communities sold its first multi-family rental project for $73.4
million and recorded a gain on the sale of $29.3 million which is
included in the consolidated statements of operations for the three
and six months ended March 31, 2019. At March 31, 2019
and September 30, 2018, the consolidated balance sheets
included $170.2 million and $173.2 million, respectively, of assets
related to DHI Communities.
Guidance
Based on current market conditions and the Company’s results for
the first half of fiscal 2019, D.R. Horton is providing fiscal 2019
guidance as follows:
- Consolidated revenues between $16.7
billion and $17.0 billion
- Homes closed in the range of 55,000
homes to 56,000 homes
- Effective tax rate of approximately
24.5%
- Homebuilding cash flow from operations
of at least $1.0 billion
- Outstanding share count at September
30, 2019 down slightly from September 30, 2018
Conference Call and Webcast Details
The Company will host a conference call today (Thursday, April
25) 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 since 2002. Founded in
1978 in Fort Worth, Texas, D.R. Horton has operations in 84 markets
in 29 states across the United States and closed 53,768 homes in
the twelve-month period ended March 31, 2019. 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, title services and insurance agency services
for homebuyers through its mortgage, title and insurance
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 continued strategic focus is to consolidate market share
while growing our revenues and profits, generating strong annual
cash flows and returns and maintaining a flexible financial
position and that with 32,100 homes in inventory at the end of
March and 316,400 lots owned and controlled, we are well-positioned
for the remainder of fiscal 2019 and future years. The
forward-looking statements also include all metrics in the Guidance
section of this release.
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 and public capital
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; the impact of an
inflationary, deflationary or higher interest rate environment;
home warranty and construction defect claims; the effects of health
and safety incidents; the effects of negative publicity; supply
shortages and other risks of acquiring land, building materials and
skilled labor; 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 and land development 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, 2019 September
30, 2018 (In millions) ASSETS Cash and
cash equivalents
$ 698.8 $ 1,473.1 Restricted cash
32.4 32.9 Total cash, cash
equivalents and restricted cash
731.2 1,506.0 Inventories:
Construction in progress and finished homes
6,087.6 5,086.3
Residential land and lots — developed,
under development, held for development and held for sale
5,832.7 5,308.7 Total inventory
11,920.3 10,395.0 Mortgage loans held for sale
796.5
796.4
Deferred income taxes, net of valuation
allowance of $17.0 million and $17.7 million at March 31, 2019 and
September 30, 2018, respectively
171.9 194.0 Property and equipment, net
437.9 401.1
Other assets
785.7 712.9 Goodwill
163.5
109.2 Total assets
$ 15,007.0 $
14,114.6
LIABILITIES Accounts payable
$
658.5 $ 624.7 Accrued expenses and other liabilities
1,192.1 1,127.5 Notes payable
3,622.4
3,203.5 Total liabilities
5,473.0
4,955.7
EQUITY
Common stock, $.01 par value,
1,000,000,000 shares authorized, 391,091,572 shares issued and
373,132,964 shares outstanding at March 31, 2019 and 388,120,243
shares issued and 376,261,635 shares outstanding at September 30,
2018
3.9 3.9 Additional paid-in capital
3,123.4 3,085.0
Retained earnings
6,771.6 6,217.9
Treasury stock, 17,958,608 shares and
11,858,608 shares at March 31, 2019 and September 30, 2018,
respectively, at cost
(538.6 ) (322.4 ) Stockholders’ equity
9,360.3 8,984.4 Noncontrolling interests
173.7
174.5 Total equity
9,534.0
9,158.9 Total liabilities and equity
$
15,007.0 $ 14,114.6
D.R. HORTON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended March 31, Six Months
Ended March 31, 2019 2018
2019 2018 (In millions, except per
share data) Revenues
$ 4,128.7 $ 3,794.7
$
7,647.7 $ 7,127.6 Cost of sales
3,256.7 2,961.6
6,007.8 5,541.8 Selling, general and administrative expense
444.2 400.9
847.0 785.1 Gain on sale of assets
(29.3 ) (1.1 )
(31.3 ) (14.5 ) Other
(income) expense
(5.7 ) (11.5 )
(14.3 ) (20.9 ) Income before income taxes
462.8 444.8
838.5 836.1 Income tax expense
108.4 94.0
197.4
296.4 Net income
354.4 350.8
641.1
539.7 Net income (loss) attributable to noncontrolling interests
3.1 (0.2 )
2.7
(0.6 ) Net income attributable to D.R. Horton, Inc.
$
351.3 $ 351.0
$ 638.4 $
540.3
Basic: Net income per common share attributable
to D.R. Horton, Inc.
$ 0.94 $ 0.93
$ 1.71 $ 1.44 Weighted average number
of common shares
373.3 376.8
374.2 376.3
Diluted: Net
income per common share attributable to D.R. Horton, Inc.
$
0.93 $ 0.91
$ 1.68 $ 1.41
Adjusted weighted average number of common shares
377.7 383.9
378.9
383.8
Other Consolidated Financial Data:
Interest charged to cost of sales
$ 29.9 $
32.0
$ 55.5 $ 60.6 Depreciation
and amortization
$ 17.2 $ 16.9
$
34.1 $ 33.1 Interest incurred
$
35.0 $ 31.8
$ 66.7 $ 62.8
D.R. HORTON, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) Six Months Ended March 31,
2019 2018 (In millions)
OPERATING ACTIVITIES Net income
$ 641.1 $
539.7 Adjustments to reconcile net income to net cash used in
operating activities: Depreciation and amortization
34.1
33.1 Amortization of discounts and fees
5.1 2.4 Stock-based
compensation expense
35.9 31.0 Equity in earnings of
unconsolidated entities
(0.5 ) (2.7 ) Distributions
of earnings of unconsolidated entities
0.5 0.2 Deferred
income taxes
12.6 145.0 Inventory and land option charges
21.8 33.8 Gain on sale of assets
(31.3 ) (14.5
) Changes in operating assets and liabilities: Increase in
construction in progress and finished homes
(755.2 )
(514.5 )
Increase in residential land and lots –
developed, under development, held for development and held for
sale
(445.6 ) (271.5 ) (Increase) decrease in other assets
(39.9 ) 4.4 Increase in mortgage loans held for sale
— (70.7 ) Increase (decrease) in accounts payable, accrued
expenses and other liabilities
59.7
(14.5 ) Net cash used in operating activities
(461.7
) (98.8 )
INVESTING ACTIVITIES Expenditures
for property and equipment
(69.8 ) (39.5 ) Proceeds
from sale of assets
83.8 253.4 Expenditures related to
multi-family rental properties
(28.3 ) (39.5 ) Return
of investment in unconsolidated entities
4.4 15.1 Net
principal increase of other mortgage loans and real estate owned
(1.6 ) — Payments related to business acquisitions,
net of cash acquired
(309.6 ) (158.1 )
Net cash (used in) provided by investing activities
(321.1 ) 31.4
FINANCING
ACTIVITIES Proceeds from notes payable
1,815.0 1,913.6
Repayment of notes payable
(1,531.0 ) (1,752.5 )
Advances on mortgage repurchase facility, net
53.0 69.8
Proceeds from stock associated with certain employee benefit plans
22.3 32.7 Cash paid for shares withheld for taxes
(19.5 ) (10.3 ) Cash dividends paid
(111.9
) (94.1 ) Repurchases of common stock
(216.2 )
(47.9 ) Distributions to noncontrolling interests, net
(3.7 ) (2.0 ) Net cash provided by financing
activities
8.0 109.3 Net
(decrease) increase in cash, cash equivalents and restricted cash
(774.8 ) 41.9 Cash, cash equivalents and restricted
cash at beginning of period
1,506.0
1,024.3 Cash, cash equivalents and restricted cash at end of
period
$ 731.2 $ 1,066.2
D.R. HORTON, INC. SEGMENT INFORMATION
(UNAUDITED) March 31, 2019 Homebuilding
Forestar (1) Financial
Services Other (2)
Eliminations (3) Other Adjustments (4)
Consolidated (In millions) Assets Cash
and cash equivalents $ 557.3 $ 66.4 $ 61.1 $ 14.0 $ — $ — $ 698.8
Restricted cash 9.4 15.7 7.3 — — — 32.4 Inventories:
Construction in progress and finished
homes
6,086.1 — — — 1.5 — 6,087.6
Residential land and lots — developed,
under development, held for development and held for sale
4,990.7 851.5 — —
(22.1 ) 12.6 5,832.7 11,076.8
851.5 — — (20.6 ) 12.6 11,920.3 Mortgage loans held for sale — —
796.5 — — — 796.5 Deferred income taxes, net 155.0 22.9 — — 1.5
(7.5 ) 171.9 Property and equipment, net 220.2 2.4 3.4 211.9 — —
437.9 Other assets 732.8 26.0 52.1 37.4 (75.2 ) 12.6 785.7 Goodwill
134.3 — — —
— 29.2 163.5 $ 12,885.8 $
984.9 $ 920.4 $ 263.3 $ (94.3 ) $ 46.9
$ 15,007.0 Liabilities Accounts payable $ 631.7 $ 16.1 $ 9.4 $ 3.0
$ (1.7 ) $ — $ 658.5 Accrued expenses and other liabilities 1,102.2
131.9 43.8 10.9 (83.3 ) (13.4 ) 1,192.1 Notes payable
2,777.2 149.2 690.7 —
— 5.3 3,622.4 $ 4,511.1
$ 297.2 $ 743.9 $ 13.9 $ (85.0 ) $ (8.1
) $ 5,473.0
September 30, 2018
Homebuilding Forestar (1)
Financial Services Other (2)
Eliminations (3) Other Adjustments
(4) Consolidated (In millions)
Assets Cash and cash equivalents $ 1,111.8 $ 318.8 $ 33.7 $ 8.8 $ —
$ — $ 1,473.1 Restricted cash 8.6 16.2 8.1 — — — 32.9 Inventories:
Construction in progress and finished
homes
5,084.4 — — — 1.9 — 5,086.3
Residential land and lots — developed,
under development, held for development and held for sale
4,790.7 498.0 — —
(7.2 ) 27.2 5,308.7 9,875.1
498.0 — — (5.3 ) 27.2 10,395.0 Mortgage loans held for sale — —
796.4 — — — 796.4 Deferred income taxes, net 176.5 26.9 — — 1.1
(10.5 ) 194.0 Property and equipment, net 207.1 1.8 3.0 189.2 — —
401.1 Other assets 673.7 31.4 43.6 0.9 (48.6 ) 11.9 712.9 Goodwill
80.0 — — —
— 29.2 109.2 $ 12,132.8 $
893.1 $ 884.8 $ 198.9 $ (52.8 ) $ 57.8
$ 14,114.6 Liabilities Accounts payable $ 612.4 $ 11.2 $ 0.2 $ 4.2
$ (3.3 ) $ — $ 624.7 Accrued expenses and other liabilities 1,041.3
95.7 41.9 9.9 (46.1 ) (15.2 ) 1,127.5 Notes payable 2,445.9
111.7 637.7 —
— 8.2 3,203.5 $ 4,099.6 $
218.6 $ 679.8 $ 14.1 $ (49.4 ) $ (7.0 ) $
4,955.7
_________________
(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 and
the reclassification of Forestar interest expense to inventory. (4)
Amounts represent purchase accounting adjustments related to the
Forestar acquisition.
Three Months Ended
March 31, 2019 Homebuilding Forestar
(1) Financial Services
Other (2) Eliminations (3)
Other Adjustments (4)
Consolidated (In millions) Revenues: Home sales $
3,980.5 $ — $ — $ — $ — $ — $ 3,980.5 Land/lot sales and other 14.9
65.4 — 6.0 (39.7 ) — 46.6 Financial services —
— 101.6 — —
— 101.6 3,995.4 65.4
101.6 6.0 (39.7 )
— 4,128.7 Cost of sales: Home sales (5)
3,214.2 — — — (0.7 ) — 3,213.5 Land/lot sales and other 9.3 43.7 —
— (31.8 ) 8.2 29.4 Inventory and land option charges 13.8
— — — —
— 13.8 3,237.3
43.7 — — (32.5 )
8.2 3,256.7 Selling, general and
administrative expense 359.3 6.2 71.3 7.3 — 0.1 444.2 Gain on sale
of assets — — — (29.3 ) — — (29.3 ) Other (income) expense
(1.6 ) (0.9 ) (3.7 ) 0.5 —
— (5.7 ) Income before income taxes $
400.4 $ 16.4 $ 34.0 $ 27.5 $ (7.2 ) $
(8.3 ) $ 462.8
Six Months Ended
March 31, 2019 Homebuilding Forestar
(1) Financial Services
Other (2) Eliminations (3)
Other Adjustments (4)
Consolidated (In millions) Revenues: Home sales $
7,391.2 $ — $ — $ — $ — $ — $ 7,391.2 Land/lot sales and other 21.7
103.8 — 12.8 (68.7 ) — 69.6 Financial services —
— 186.9 — —
— 186.9 7,412.9
103.8 186.9 12.8 (68.7 )
— 7,647.7 Cost of sales: Home sales (5)
5,943.4 — — — (1.7 ) — 5,941.7 Land/lot sales and other 14.5 74.3 —
— (56.3 ) 11.8 44.3 Inventory and land option charges 21.8
— — — —
— 21.8 5,979.7
74.3 — — (58.0 )
11.8 6,007.8 Selling, general and
administrative expense 683.9 11.9 137.0 13.9 — 0.3 847.0 Gain on
sale of assets (2.0 ) (0.9 ) — (29.3 ) — 0.9 (31.3 ) Other (income)
expense (3.5 ) (2.8 ) (7.7 ) (0.3 )
— — (14.3 ) Income before income
taxes $ 754.8 $ 21.3 $ 57.6 $ 28.5 $
(10.7 ) $ (13.0 ) $ 838.5 Summary Cash Flow Information:
Cash (used in) provided by operating activities $ (215.9 ) $ (283.4
) $ 48.8 $ (4.1 ) $ (2.7 ) $ (4.4 ) $ (461.7 )
_________________
(1) Results are presented 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. (4)
Amounts represent purchase accounting adjustments related to the
Forestar acquisition. (5) Amount in the Eliminations column
represents the profit on lots sold from Forestar to the
homebuilding segment. Intercompany profit is eliminated in the
consolidated financial statements when Forestar sells lots to the
homebuilding segment and is recognized in the consolidated
financial statements when the homebuilding segment closes homes on
the lots to homebuyers.
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 and other 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 Gain on sale of assets — (2.7 ) — —
— 1.6 (1.1 ) Interest expense — 2.1 — — (2.1 ) — — Other (income)
expense (2.6 ) (3.2 ) (3.2 ) (3.6 )
— 1.1 (11.5 ) Income (loss)
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 and other 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 Gain on sale of assets (13.4 )
(2.7 ) — — — 1.6 (14.5 ) Interest expense — 4.2 — — (4.2 ) — —
Other (income) expense (3.4 ) (11.3 ) (6.1 )
(6.5 ) — 6.4 (20.9 )
Income (loss) 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
on Forestar’s historical cost basis and from the date of
acquisition in the six month period. (2) Amounts represent the
aggregate results of certain subsidiaries that are immaterial for
separate reporting. (3) Amounts represent the elimination of
intercompany transactions and the reclassification of Forestar
interest expense to inventory. (4) Amounts represent purchase
accounting adjustments related to the Forestar acquisition.
D.R. HORTON, INC. ORDERS, CLOSINGS AND BACKLOG
($s in millions) NET SALES ORDERS
Three Months Ended March 31,
Six Months Ended March 31, 2019
2018 2019 2018 Homes
Value Homes Value Homes
Value Homes Value East
2,426 $ 693.1 1,991 $ 566.8
3,996
$ 1,138.0 3,421 $ 965.3 Midwest
1,036
361.3 790 306.5
1,568 558.2 1,167 451.5
Southeast
5,605 1,488.4 5,054 1,352.6
9,221
2,451.7 8,686 2,329.0 South Central
4,779
1,203.2 4,788 1,200.5
8,174 2,059.0 7,814
1,961.2 Southwest
797 206.2 889 211.7
1,327
341.1 1,590 376.8 West
2,162 989.8
2,316 1,103.4
3,561 1,619.2 3,903
1,880.3
16,805 $ 4,942.0 15,828 $
4,741.5
27,847 $ 8,167.2 26,581 $ 7,964.1
HOMES CLOSED Three Months Ended
March 31, Six Months Ended March 31, 2019
2018 2019 2018 Homes Value
Homes Value Homes Value Homes
Value East
1,791 $ 518.0 1,531 $ 435.4
3,349 $ 963.9 2,919 $ 828.4 Midwest
701
246.4 514 203.6
1,372 491.2 922 365.0
Southeast
4,527 1,196.1 3,935 1,041.0
8,310
2,209.5 7,679 2,029.7 South Central
3,942
986.9 3,636 913.3
7,420 1,859.3 6,814 1,721.6
Southwest
681 173.2 713 168.8
1,242
316.8 1,405 324.6 West
1,838 859.9
1,952 910.0
3,287 1,550.5 3,330
1,587.3
13,480 $ 3,980.5 12,281 $ 3,672.1
24,980 $ 7,391.2 23,069 $ 6,856.6
SALES ORDER BACKLOG As of March 31,
2019 2018 Homes Value Homes
Value East
2,550 $ 744.1 2,046 $ 589.7
Midwest
1,228 417.7 664 258.9 Southeast
5,132
1,414.5 5,064 1,404.2 South Central
5,246
1,351.5 4,956 1,257.8 Southwest
1,013 275.9
1,028 244.8 West
1,721 794.0 2,083
1,078.1
16,890 $ 4,997.7 15,841 $ 4,833.5
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190425005247/en/
D.R. Horton, Inc.Jessica Hansen, 817-390-8200Vice President of
Investor RelationsInvestorRelations@drhorton.com
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