D.R. Horton Q4 Net Income Declines; Homebuilding Revenue Down 6%

(RTTNews) - D.R. Horton, Inc. (DHI) reported fourth quarter net income of $1.5 billion compared to $1.6 billion, prior year. Net income per share was $4.45 compared to $4.67. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $3.93, for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenues in the fourth quarter increased 9% to $10.5 billion compared to $9.6 billion, prior year. Analysts on average had estimated $10.01 billion in revenue.

Homebuilding revenue for the fourth quarter decreased 6% to $8.8 billion. Homes closed in the quarter decreased 1% to 22,928 homes. At September 30, 2023, the company had 42,000 homes in inventory, of which 27,000 were unsold.

For fiscal 2024, the company expects: consolidated revenues of approximately $36.0 billion to $37.0 billion; and Homes closed by homebuilding operations of 86,000 homes to 89,000 homes.

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