D.R. Horton, America's largest homebuilder, reported strong fiscal 2024 results with consolidated revenues increasing 4% to $36.8 billion. Home sales revenue rose 7% to $33.9 billion as closings increased 8% to 89,690 homes, while the average closing price decreased slightly to $378,000. Pre-tax income remained steady at $6.3 billion, with net income of $4.8 billion and diluted earnings per share of $14.34.Despite elevated mortgage interest rates and inflationary pressures, net sales orders increased 10% compared to fiscal 2023, reflecting solid housing demand. The company maintained strong operational efficiency with home sales gross margin steady at 23.5%, though SG&A expenses as a percentage of revenue increased to 7.5% from 7.1%. The company's financial position remained robust with $4.5 billion in cash and a net debt to total capital ratio of 5.2%.The company...Show More

D.R. Horton, America's largest homebuilder, reported strong fiscal 2024 results with consolidated revenues increasing 4% to $36.8 billion. Home sales revenue rose 7% to $33.9 billion as closings increased 8% to 89,690 homes, while the average closing price decreased slightly to $378,000. Pre-tax income remained steady at $6.3 billion, with net income of $4.8 billion and diluted earnings per share of $14.34.Despite elevated mortgage interest rates and inflationary pressures, net sales orders increased 10% compared to fiscal 2023, reflecting solid housing demand. The company maintained strong operational efficiency with home sales gross margin steady at 23.5%, though SG&A expenses as a percentage of revenue increased to 7.5% from 7.1%. The company's financial position remained robust with $4.5 billion in cash and a net debt to total capital ratio of 5.2%.The company continued strategic expansion with rental operations generating $1.7 billion in revenue and financial services contributing $882.5 million. D.R. Horton maintained its industry leadership through affordable product offerings and efficient lot supply management, with 76% of lots controlled through purchase contracts. The company returned significant capital to shareholders through $1.8 billion in share repurchases and $395.2 million in dividends during fiscal 2024.