D.R. Horton Q1 Net Income Declines; Revenues Up 3%

(RTTNews) - D.R. Horton, Inc. (DHI) reported that its first quarter net income per common share decreased 13% to $2.76 from $3.17, last year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $2.26, for the quarter. Analysts' estimates typically exclude special items. Net income attributable to D.R. Horton decreased 16% to $958.7 million.

Homebuilding revenue increased 1% to $6.74 billion. Homes closed in the quarter decreased 6% to 17,340 homes compared to 18,396 homes closed in the same quarter of fiscal 2022. Analysts on average had estimated $6.4 billion in revenue.

The company ended the first quarter with $2.0 billion of unrestricted homebuilding cash and $2.0 billion of available capacity on its revolving credit facility for total homebuilding liquidity of $4.0 billion.

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