D. R. Horton (DHI) Tops Q1 EPS by 45c, Revenues Beat; Offers FY21 Revenue Guidance Above Consensus

D. R. Horton (NYSE: DHI) reported Q1 EPS of $2.14, $0.45 better than the analyst estimate of $1.69. Revenue for the quarter came in at $5.9 billion versus the consensus estimate of $5.5 billion.

Fiscal 2021 First Quarter Highlights - comparisons to the prior year quarter

• Net income attributable to D.R. Horton increased 84% to $791.8 million or $2.14 per diluted share
• Consolidated revenues increased 48% to $5.9 billion
• Consolidated pre-tax income increased 98% to $1.0 billion
• Consolidated pre-tax profit margin improved 440 basis points to 17.4%
• Homes closed increased 45% to 18,739 homes and 48% in value to $5.7 billion
• Net sales orders increased 56% to 20,418 homes and 62% in value to $6.4 billion

Donald R. Horton, Chairman of the Board, said, “The D.R. Horton team delivered outstanding results in the first fiscal quarter of 2021, including a 98% increase in consolidated pre-tax income to over $1.0 billion, a 48% increase in revenues to $5.9 billion and a 56% increase in net sales orders to 20,418 homes. Our pre-tax profit margin for the quarter improved 440 basis points to 17.4%, while our earnings increased 84% to $2.14 per diluted share. These results reflect the strength of our experienced operational teams, industry-leading market share, broad geographic footprint and diverse product offerings across multiple brands.

“We appreciate the continued efforts of our operational teams who are providing new homes to families across the United States during the COVID-19 pandemic. Our priority continues to be the health and safety of our employees, customers, trade partners and the communities we serve.

“Housing market conditions remain very strong, and we are focused on maximizing returns and improving capital efficiency in each of our communities while increasing our market share. Our strong balance sheet, ample liquidity and low leverage provide us with flexibility to operate effectively through changing economic conditions, and we plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company and returns to our shareholders.”

GUIDANCE:

D. R. Horton sees FY2021 revenue of $25.2-25.8 billion, versus the consensus of $25.07 billion.

Based on current market conditions and the Company’s results for the first quarter of fiscal 2021, D.R. Horton is updating its fiscal 2021 guidance as follows:

• Consolidated revenues of $25.2 billion to $25.8 billion
• Homes closed between 80,000 homes and 82,000 homes
• Income tax rate of 23.0% to 23.5% for each of the remaining quarters of fiscal 2021

The Company plans to also provide guidance for its second quarter of fiscal 2021 on its conference call today.

For earnings history and earnings-related data on D. R. Horton (DHI) click here.

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