D.R. Horton Q4 profit and revenue beat analyst estimates, sending stock higher

D.R. Horton Inc.'s stock (DHI) was up by 1.3% in premarket trading Tuesday after the home builder's fiscal fourth-quarter results beat Wall Street analyst estimates for profit and revenue. "Despite continued higher mortgage rates and inflationary pressures, our net sales orders increased 39% from the prior year quarter, as the supply of both new and existing homes at affordable price points remains limited and demographics supporting housing demand remain favorable," the company said. D.R. Horton said its fourth-quarter net income for the three months ended Sept. 30 fell by about 6% to $1.5 billion, or $4.45 a share, from $1.6 billion, or $4.67 a share, in the year-ago quarter. The company outpaced the FactSet consensus estimate of $3.94 a share. Revenue rose 9% to $10.5 billion, ahead of the analyst estimate of $10.01 billion. Looking ahead, Horton expects 2024 revenue of $36 billion to $37 billion, against FactSet consensus estimate of $36.1 billion. D.R. Horton said it ended the year with 18.3% leverage, the lowest in company history. The company plans to repurchase $1.5 billion in stock in 2024.

-Steve Gelsi

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11-07-23 0650ET

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