24.01.2017 13:05:24

D.R. Horton Reaffirms FY17 Guidance

(RTTNews) - D.R. Horton Inc. (DHI) said that it reaffirmed its fiscal 2017 guidance including a consolidated pre-tax profit margin of 11.2% to 11.5%, consolidated revenues of $13.4 billion to $13.8 billion, homes closed between 43,500 homes and 45,500 homes and cash flow from operations in the range of $300 million to $500 million. Analysts polled by Thomson Reuters expected the company to report revenues of $13.56 billion for fiscal year 2017. Analysts' estimates typically exclude special items.

The company's fiscal 2017 results will be significantly impacted by the strength of the spring selling season, and the Company will update its expectations as necessary each quarter.

Donald Horton, Chairman of the Board, said, "....We remain focused on growing our revenues and pre-tax profits at a double-digit annual pace, while continuing to generate positive annual operating cash flows and improved returns. With 24,500 homes in inventory at the end of December and a robust supply of lots, we are well-positioned for the upcoming spring selling season and the remainder of fiscal 2017."

Net sales orders for the first quarter ended December 31, 2016 increased 15% to 9,241 homes and 17% in value to $2.8 billion compared to 8,064 homes and $2.4 billion in the prior year quarter.

The company's cancellation rate (cancelled sales orders divided by gross sales orders) for the first quarter of fiscal 2017 was 22% compared to 23% in the same quarter of fiscal 2016. The Company's sales order backlog of homes under contract at December 31, 2016 increased 6% to 11,312 homes and 7% in value to $3.4 billion compared to 10,665 homes and $3.2 billion at December 31, 2015.

Homebuilding revenue for the first quarter of fiscal 2017 increased 20% to $2.8 billion from $2.4 billion in the same quarter of fiscal 2016. Homes closed in the quarter increased 17% to 9,404 homes compared to 8,061 homes in the prior year quarter.

The company has declared a quarterly cash dividend of $0.10 per common share. The dividend is payable on February 15, 2017 to stockholders of record on February 3, 2017.

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D.R. Horton Inc. 120,12 -0,33% D.R. Horton Inc.