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D.R. Horton fiscal Q4 beats, FY2021 guidance surprises to upside

Nov. 10, 2020 7:30 AM ETD.R. Horton, Inc. (DHI) StockBy: Liz Kiesche, SA News Editor2 Comments
  • D.R. Horton (NYSE:DHI) issues FY2021 guidance that exceeds the average analyst estimates, as the housing boom shows no signs of stopping as both housing inventory and mortgage rates remain low.
  • The homebuilder also increased its quarterly cash dividend by 14% to 20 cents per share.
  • D.R. Horton's stock gains 2.9% in premarket trading.
  • Sees fiscal 2021 consolidated revenue of $24.0B-$25.0B; consensus is $22.9B.
  • Sees 77,000-80,000 homes closed in the fiscal year ending Sept. 30, 2021 vs. 65,388 in FY 2020 and consensus of 76,020.
  • Fiscal 2020 Q4 EPS of $2.24 beats the average analyst estimate of $1.78 and increased from $1.35 in the year-ago quarter.
  • The current quarter results include an income tax benefit of $15.8M related to federal energy efficient homes tax credits that were retroactively reinstated earlier in the year. 
  • Consolidated revenue for the quarter ended Sept. 30, 2020 was $6.40B, exceeding the consensus estimate of $5.89B and up from $5.04B in Q4 2019.
  • Q4 net sales orders of 23,726 rose 81% Y/Y and value of $7.3B increased 84% Y/Y.
  • Q4 cancellation rate fell to 19% vs. 23% a year earlier.
  • Sales order backlog at Sept. 30, 2020 was 26,683 homes vs. 13,613 homes at Sept. 30, 2019; backlog by value was $8.19B vs. $4.14B a year earlier.
  • "With 38,000 homes in inventory, an ample supply of lots and continued strong sales trends in October, we are well-positioned for another great year in fiscal 2021," said Chairman Donald R. Horton.
  • Conference call at 8:30 AM ET.
  • Previously: D. R. Horton EPS beats by $0.49, beats on revenue (Nov. 10)

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