D.R. Horton Stock (DHI) Soars 13% on Surprise Earnings Beat
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The Arlington, Texas-based company reported earnings per share (EPS) of $3.36 for what was its fiscal third quarter. That beat the $2.88 profit expected among analysts. Revenue in the period totaled $9.23 billion, which was ahead of estimates that called for $8.76 billion. Sales were down 7.4% from a year earlier.
Management at D.R. Horton said buyer incentives helped to sustain home sales amid high interest rates and rising costs. Despite beating Wall Street forecasts, D.R. Horton is struggling with weak consumer spending, prompting it to offer incentives such as mortgage rate buydowns to boost demand.
Ongoing Issues
The company, which is the biggest homebuilder by volume in the U.S., said affordability constraints and cautious consumer sentiment are likely to continue in the near term. 'We expect our sales incentives to remain elevated and increase further during the fourth quarter, the extent to which will depend on the strength of demand,' said D.R. Horton.
Looking ahead, D.R. Horton lowered its revenue forecast for this year to $33.7 billion to $34.2 billion, down from an earlier forecast of $33.3 billion to $34.8 billion. The company expects to build between 85,000 and 85,500 new homes in 2025, compared with an earlier forecast of 85,000 to 87,000 houses.
Is DHI Stock a Buy?
The stock of D.R. Horton has a consensus Moderate Buy rating among seven Wall Street analysts. That rating is based on three Buy and four Hold recommendations issued in the last three months. The average DHI price target of $144.33 implies 9.51% upside from current levels. These ratings are likely to change after the company's financial results.
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