D. R. Horton (NYSE: DHI) reported Q3 EPS of $1.72, $0.42 better than the analyst estimate of $1.30. Revenue for the quarter came in at $5.4 billion versus the consensus estimate of $5.13 billion.

Guidance

The Company plans to provide guidance for its fourth fiscal quarter of 2020 on its conference call today.

Donald R. Horton, Chairman of the Board, said, “The D.R. Horton team delivered record results in the third fiscal quarter of 2020, including a 38% increase in net sales orders to 21,519 homes, a 25% increase in consolidated pre-tax income to $782.4 million and a 10% increase in revenues to $5.4 billion. Our pre-tax profit margin for the quarter improved 170 basis points to 14.5%, while our EPS increased 37% to $1.72 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. Although we experienced a sudden, temporary disruption to our business from the pandemic in mid-March and April, we saw a significant increase in new home demand in May and June, which we were well-positioned for with our affordable product offerings and housing inventories. Our experienced operators across the country adjusted quickly to changing market conditions, resulting in net sales order increases in excess of 50% in both May and June as compared to the same months in the prior year.

“In these uncertain times, we plan to maintain our flexible operational and financial position by generating strong cash flows from our homebuilding operations and managing 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 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.”

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