The company said consolidated revenues for the 3-month period ended December 31, 2023 rose 6% to $7.7 billion from $7.3 billion a year earlier. Net income was $955.7 million, compared with $968.3 million, and diluted earnings per share were $2.82, compared with $2.76.

1. 01

   The company said consolidated revenues for the 3-month period ended December 31, 2023 rose 6% to $7.7 billion from $7.3 billion a year earlier. Net income was $955.7 million, compared with $968.3 million, and diluted earnings per share were $2.82, compared with $2.76.

2. 02

   D.R. Horton said net sales orders rose 35% to 18,069 homes ($6.8 billion) in the same quarter. Gross profit margin on home sales fell to 22.9%, down 100 basis points from the prior year, and the company attributed 80 basis points of the decline to lower value of hedging instruments it uses to offer below-market interest rate financing to homebuyers.

3. 03

   D.R. Horton said net cash used in operating activities was $153.4 million over the same 3-month period, compared with $829.1 million provided a year earlier. It said the cash used was mainly from its rental segment, at $516.2 million, and its Forestar segment, at $156.7 million. Net cash used in financing activities was $362.8 million.

4. 04

   The company said it used $376.9 million to repurchase shares of its common stock and $99.9 million to pay cash dividends over the same 3-month period. It also said its Board of Directors approved a quarterly cash dividend of $0.30 per common share on January 2024, payable on February 13, 2024.

Key figures

Quarter ended December 31, 2023

Revenue

$7.7B

Net income

$947M

EPS

$2.82

Operating cash flow

−$153M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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