D. R. Horton (NYSE: DHI) reported Q2 EPS of $1.30, $0.17 better than the analyst estimate of $1.13. Revenue for the quarter came in at $4.5 billion versus the consensus estimate of $4.45 billion.

Fiscal 2020 Second Quarter Highlights - comparisons to the prior year quarter

• Net income per diluted share increased 40% to $1.30
• Net income attributable to D.R. Horton increased 37% to $482.7 million
• Consolidated revenues increased 9% to $4.5 billion
• Consolidated pre-tax income increased 34% to $621.3 million, with a pre-tax profit margin of 13.8%
• Homes closed increased 8% in homes and 10% in value to 14,539 homes and $4.4 billion
• Net sales orders increased 20% to 20,087 homes and 22% in value to $6.0 billion

Donald R. Horton, Chairman of the Board, said, “The D.R. Horton team delivered strong results in the second fiscal quarter of 2020 during an unprecedented time for our country, and we appreciate the efforts of our dedicated operational teams who continue to provide new homes to families across the United States. Since the beginning of the COVID-19 pandemic, our priority has been the health and safety of our employees, customers, trade partners and the communities we serve. We remain committed to all of the Company’s stakeholders as we continue to safely operate our business.

“We began to see the impact of the pandemic on our operations and housing demand in late March and April and our experienced operators across the country have and continue to quickly adjust to changing market conditions. We are well-positioned to successfully operate in this uncertain environment with our experienced team, industry-leading market share, broad geographic footprint and diverse product offerings. We expect to maintain our flexible operational and financial position by generating strong cash flows from our homebuilding operations, limiting land acquisition and land development spending and adjusting our product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on our inventory investments in each of our communities based on local housing market conditions.

“Our strong balance sheet, ample liquidity and low leverage provide us with flexibility to withstand difficult economic conditions, and we plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company.”

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