Forestar Group (FOR) Tops Q2 EPS by 18c, Revenues Beat
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Forestar Group (NYSE: FOR) reported Q2 EPS of $0.59, $0.18 better than the analyst estimate of $0.41. Revenue for the quarter came in at $287.1 million versus the consensus estimate of $285.24 million.
Donald J. Tomnitz, Chairman of the Board, said, "The Forestar team delivered a strong second quarter, with 3,588 lots sold and $287.1 million in revenue. Housing market conditions remain favorable across the country, and we now expect to deliver between 14,500 and 15,000 lots in fiscal 2021 as we continue to consolidate market share in the fragmented and under-capitalized U.S. lot development industry.
"Forestar's return-focused business model is centered on our high inventory turnover, lower risk lot manufacturing strategy. We are well positioned to execute our growth plan due to our low net leverage and strong liquidity, our low overhead model and our strategic relationship with D.R. Horton, the nation’s largest homebuilder. With 84,500 lots owned and controlled at March 31, 2021, we expect continued robust growth and increasing profitability and returns in the coming years."
For earnings history and earnings-related data on Forestar Group (FOR) click here.
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