D. R. Horton Inc.NYSE
Tue, Sep. 27, 9:25 AM
- D.R. Horton's (NYSE:DHI) Issuer Default Rating is lifted to BBB- from BB+ at Fitch. The outlook is dropped to Stable from Positive.
- Noted by Fitch is the company's steady capital structure throughout the cycle, including net debt to capitalization levels consistently below 45%.
- There's also the expectation of further moderate improvement in the housing market in 2016 and 2017, not to mention potential market share gains for DHI.
Tue, Sep. 20, 12:25 PM
- Lennar (NYSE:LEN) was initially higher following this morning's earnings beat, but has turned lower by 4.3% amid cautious earnings call comments on margins.
- Also at work is today's housing starts report which showed an unexpected sharp decline from July to August, with single-family starts dropping to a 10-month low.
- ITB -1.4%, XHB -0.9%
- Hovnanian (HOV -0.9%), KB Home (KBH -1.4%), Pulte (PHM -3.2%), D.R. Horton (DHI -1.2%), Toll Brothers (TOL -1.4%), Taylor Morrison (TMHC -2.5%), LGI Homes (LGIH -1.3%)
Mon, Sep. 19, 12:01 PM
- The NAHB Index jumped six points to a one-year high of 65 this month vs. expectations for just a marginal gain.
- "With the inventory of new and existing homes remaining tight, builders are confident that if they can build more homes they can sell them," says NAHB Chief Economist Robert Dietz.
- The Lindsey Group's Peter Boockvar calls this month's print "ebullient," but says the key to sustain things will be the behavior of the first-time homebuyer. We're at a 50-year low in the homeownership rate - will potential first-timers continue to prefer renting? The area most in need of new homes are those priced below $250K (to better compete against renting), but margin issues don't make this a terribly profitable segment for homebuilders.
- ITB +1.9%, XHB +1.5%
- Toll Brothers (TOL +1.4%), PulteGroup (PHM +3.1%), D.R. Horton (DHI +2.5%), Lennar (LEN +2.5%), Hovnanian (HOV +2.4%)
Tue, Sep. 13, 7:29 AM| Tue, Sep. 13, 7:29 AM
Tue, Sep. 6, 7:15 AM
- Wilson Parker Homes operates in Atlanta and Augusta, Georgia, along with Raleigh, NC, Columbia, SC, and Phoenix.
- D.R. Horton (NYSE:DHI) purchased for undisclosed terms, adding 490 lots, 390 homes in inventory, and 300 homes in sales order backlog (most of which are from the Atlanta operation).
- The company also acquired control of about 1,850 lots through options contracts.
- Wilson Parker closed 906 homes in the 12 months ended this June for $201M in revenue. The deal brings DHI's market share in Atlanta to above 20% this year.
Fri, Sep. 2, 2:18 PM
Tue, Jul. 26, 9:15 AM
- The Freedom Homes brand will focus on affordable homes specifically for the active adult buyer, and will initially be offered in Florida, Texas, and Arizona. DHI expects to have Freedom Homes communities open in at least eight markets by the end of fiscal 2016, and in one-third of the company's 78 operating markets by the end of fiscal 2017.
- Most homeowners 55 and older probably continue to prefer "aging in place," but there's no doubt a large and growing number are moving to communities specifically designed for their needs.
Fri, Jul. 22, 11:00 AM
- Citing valuation and a lack of near-term catalysts, Bank of America downgrades D.R. Horton (DHI -1.2%) to Neutral from Buy. The $36 price target remains, and compares to the current $33.95.
- The stock has rallied about 50% from the mid-February market lows.
- Looking at the earnings call transcript, valuation was clearly on the mind of BofA analyst John Lovallo, as he asked if private builders had raised their asking prices as much as public valuations have moved in the last weeks. COO Michael Murray notes a "valuation gap" nearly always exists in initial talks, but his company is in no hurry to make acquisitions.
Thu, Jul. 21, 7:24 AM
- FQ3 net income of $249.8M or $0.66 per share vs. $221.4M and $0.60 one year ago.
- Net sales orders up 13% to 11,714 homes; up 14% in dollars to $3.4B.
- Backlogs up 15% to 14,670 homes; up 17% in value to $4.4B.
- Homebuilding revenue up 9% to $3.1B. Homes closed up 9% to 10,739 homes.
- Pretax profit margin up 40 basis points to 11.7%.
- Conference call at 10 ET
- Previously: D. R. Horton EPS in-line, misses on revenue (July 21)
- DHI -3.4% premarket in very thin action.
Thu, Jul. 21, 6:09 AM
Thu, Jul. 21, 6:02 AM
Wed, Jul. 20, 5:30 PM| Wed, Jul. 20, 5:30 PM | 13 Comments
Fri, Jun. 17, 10:30 AM
- May housing starts at a seasonally-adjusted annualized pace of 1.164M edged lower from April, but were up 9.5% from a year ago (and vs. expected 1.15M). Single-family starts of 764K were slightly higher than April.
- The major averages are modestly lower on the session, but the homebuilders (ITB +1%) are posting strong gains, led by Toll Brothers (TOL +1.6%), Hovnanian (HOV +3.7%), KB Home (KBH +1.8%), Lennar (LEN +1.2%), PulteGroup (PHM +1.4%), Beazer (BZH +4.7%), D.R. Horton (DHI +1.2%).
Tue, Jun. 7, 2:31 PM
- The major averages are up modestly, but the homebuilders (ITB +2.2%) are posting sharp gains, helped by a report Elliot Management has taken a stake in PulteGroup. Pulte is leading the way with a 4.6% advance.
- Toll Brothers (TOL +3%), Hovnanian (HOV +3.9%), KB Home (KBH +3%), Lennar (LEN +3.1%), Taylor Morrison (TMHC +3.8%), D.R. Horton (DHI +2.7%)
Tue, May 24, 10:09 AM
- April new home sales at a seasonally adjusted annualized rate of 619K were a full 16.6% above the upwardly revised March print, and 23.8% higher than year-ago levels. The number also flew past expectations for just a 2% rise to 523K.
- Sales in the Northeast of 55K gained from 36K in March; Midwest of 60K down from 63K; South of 352K vs. 304K; West of 152K vs. 128K.
- Full report
- Tossing this bit of information in with strong FQ2 earnings from Toll Brothers (TOL +6.4%) has the homeowners (ITB +2.7%) surging well ahead of the market averages.
- Hovnanian (HOV +4.9%), KB Home (KBH +3.8%), Beazer (BZH +5.4%), Lennar (LEN +3.2%), Pulte (PHM +3.1%), D.R. Horton (DHI +3.3%)
Thu, Apr. 21, 9:45 AM
- FQ2 net income of $195.1M or $0.52 per share up 32% from a year ago. Expectations were for $0.47.
- Pretax profit margin of 10.9% up 130 basis points.
- Net sales orders up 13% in value to $3.6B, and 10% in homes to 12,292.
- Closings up 16% in value to $2.7B, and 12% in homes to 9,262.
- Backlogs up 14% in value to $4.1B, and 12% in homes to 13,695.
- Full-year pretax profit margin guidance boosted to 11.2% from 10.7%. Revenue guidance of $12B-$12.5B is reaffirmed.
- The conference call begins at 10 ET.
- Previously: D. R. Horton beats by $0.05, home sales revenue in-line (April 21)
- DHI +2.5%