Summary by Futu AI
D.R. Horton reported a 5% increase in Q3 FY2024 earnings to $4.10 per diluted share, with net income rising 1% to $1.4 billion. Consolidated revenues grew 2% to $10.0 billion, driven by a 5% increase in home closings to 24,155 units. The company maintained an 18.1% pre-tax profit margin while achieving $9.2 billion in homebuilding revenue.Net sales orders remained stable with a 1% increase to 23,001 homes, while the rental operations generated $64.2 million in pre-tax income on revenues of $413.7 million. The company's financial position remains strong with $5.8 billion in total liquidity, including $3.0 billion in cash and $2.8 billion in available credit facilities.The Board approved a new $4.0 billion share repurchase authorization and declared a quarterly dividend of $0.30 per share. During Q3, the company repurchased 3.0 million shares for $441.4 million and paid $98.5 million in dividends, demonstrating its commitment to shareholder returns while maintaining a strong balance sheet with an 18.8% debt-to-capital ratio.
