D.R. Horton (DHI) Q1 Earnings Top, Sales View Up, Shares Rise
Zacks Investment Research | Jan 26, 2020 09:19PM ET
D.R. Horton, Inc. (NYSE:DHI) reported better-than-expected results in first-quarter fiscal 2020, thanks to its industry-leading market share, broad geographic footprint and affordable product offerings across multiple brands. Notably, shares of the company gained almost 3% following the earnings release.
The homebuilder foresees demand to remain strong in the remainder of fiscal 2020. Solid demand, a limited supply of homes at affordable prices across the markets served, favorable economic fundamentals and financing availability, as well as 30,200 homes in inventory (at the end of December) make D.R. Horton well positioned for the spring selling season.
Earnings & Revenue Discussion
Adjusted earnings came in at 99 cents per share in the quarter, surpassing the Zacks Consensus Estimate of 92 cents by 7.6%. The reported figure also increased from the year-ago profit of 76 cents per share.
The quarterly results were adjusted for a tax benefit of $32.9 million related to federal energy efficient homes tax credits that were retroactively reinstated during the quarter.
Total revenues (Homebuilding, Forestar and Financial Services) came in at $4.02 billion, up 14.3% year over year. The reported figure also topped the consensus mark of $3.78 billion.
D.R. Horton, Inc. Price, Consensus and EPS Surprise
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