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D.R. Horton Inc.’s stock moved into positive territory on Tuesday after the home builder’s fiscal fourth-quarter results beat Wall Street analyst estimates for profit and revenue.
“Despite continued higher mortgage rates and inflationary pressures, our net sales orders increased 39% from the prior year quarter, as the supply of both new and existing homes at affordable price points remains limited and demographics supporting housing demand remain favorable,” the company said.
D.R. Horton
DHI,
also boosted its quarterly divided to 30 cents a share from 25 cents a share.
D.R. Horton stock rose by 2.2% despite losses in the broad market. The stock is now up 34.9% in 2023, compared to a 13.5% year-to-date rise by the S&P 500
SPX.
D.R. Horton said its fourth-quarter net income for the three months ended Sept. 30 fell by about 6% to $1.5 billion, or $4.45 a share, from $1.6 billion, or $4.67 a share, in the year-ago quarter.
The company outpaced the FactSet consensus estimate of $3.94 a share.
Revenue rose 9% to $10.5 billion, ahead of the analyst estimate of $10.01 billion.
Looking ahead, Horton expects 2024 revenue of $36 billion to $37 billion, against FactSet consensus estimate of $36.1 billion.
D.R. Horton said it ended the year with 18.3% leverage, the lowest in company history. The company plans to repurchase $1.5 billion in stock in 2024.
Also read: A record share of Americans say it’s a ‘bad time’ to buy a house, as frustration with the housing market simmers: Fannie Mae
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