$DHI (+1,51%) | D.R. Horton Q4 2024 Earnings Highlights:

🔹 Adj EPS: $3.92 (Est. $4.17) 🔴

🔹 Revenue: $10.0B (Est. $10.22B) 🔴

🔹 Net Income: $1.3B (vs. $1.5B YoY)

🔸 Home Sales Revenue: $8.9B on 23,647 homes closed (UP +3% YoY)

FY25 Guidance:

🔹 Revenue: $36.0B-$37.5B (Est. $39.41B) 🔴

🔹 Homes Closed: 90,000-92,000

🔸 Income Tax Rate: ~24.5%

🔸 Plans to repurchase $2.4B in shares and pay $500M in dividends

Key Financial Metrics:

🔹 Dividend: Increased by 33% to $0.40 per share

🔹 Debt to Total Capital Ratio: 18.9%

🔹 Book Value per Share: $78.12 (UP +15% YoY)

🔹 Cash Flow from Operations: $2.2B

Operational Highlights:

🔹 Net Sales Orders: 19,035 homes (UP +1% YoY)

🔹 Cancellation Rate: 21% (Flat YoY)

🔹 Homes in Inventory: 37,400 (of which 25,700 unsold)

🔹 Rental Operations Revenue: $704.8M, pre-tax income: $99.9M

Capital Allocation:

🔹 Share Repurchases: 3.4M shares for $561M in Q4; $1.8B YTD

🔸 Remaining stock repurchase authorization: $3.6B

🔹 Dividend Payments: $395.2M in FY24

Management Commentary:

🔸 David Auld, Executive Chairman:

"Our Q4 net sales orders increased slightly to 19,035 homes. While affordability and mortgage rate uncertainty remain challenges, we continue to support demand with incentives like mortgage rate buydowns and smaller floor plans."

Liquidity & Leverage:

🔹 Cash Balance: $4.5B

🔹 Available Credit Facility: $3.1B

🔸 Total Liquidity: $7.6B