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D.R. Horton Beats Q3 Estimates with $4.10 EPS, $10B Revenue, Announces $4B Buyback

Jul 18, 2024, 10:56 AM

D.R. Horton, Inc. reported its fiscal 2024 third-quarter earnings, surpassing market expectations with an EPS of $4.10 against an estimated $3.76 and revenue of $10.00 billion compared to the forecasted $9.74 billion. The company also announced a quarterly dividend of $0.30 per share and a new $4 billion share repurchase authorization. Despite the positive earnings report, D.R. Horton's stock fell due to a trimmed revenue outlook and weaker-than-expected quarterly orders. The company closed 24,155 homes in the quarter, up from 22,985 homes year-over-year. CEO David Auld noted that while inflation and mortgage interest rates remain elevated, the supply of affordable new and existing homes is limited, and demographics continue to support housing demand. Pretax profit was $1.8 billion, and net income was $1.4 billion.