2024-01-24 00:45:00 ET
Summary
- D.R. Horton is down 9% after reporting its FY 2024 Q1 earnings. The Company “beat” consensus revenues but “missed” Wall Street’s earnings forecast.
- While aggressive price cuts and a heavy dose of incentives enabled the Company to generate a 6.4% revenue growth YoY, operating income and net income declined.
- Despite the fact that DHI raised its guidance for its full-year FY 2024 – which in and of itself is laughable – it has a big problem on its balance sheet. Inventory ballooned in its FY Q1.
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D.R. Horton Stock Plunges On Earnings - A Bad Omen For Homebuilders