D.R. Horton: Fiscal 2Q Earnings Snapshot
ARLINGTON, Texas (AP) _ D.R. Horton Inc. (DHI) on Tuesday reported fiscal second-quarter net income of $482.7 million.
The Arlington-based company said it had profit of $1.30 per share.
The results surpassed Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.
The homebuilder posted revenue of $4.5 billion in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $4.57 billion.
D.R. Horton shares have fallen 20% since the beginning of the year, while the Standard & Poor’s 500 index has declined 11%. The stock has fallen 5% in the last 12 months.
“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,” said Donald r. Horton, chairman of the board. “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.”
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DHI at https://www.zacks.com/ap/DHI