财务数据和关键指标变化 - 第三季度每股收益为4.10美元,同比增长5% [12] - 第三季度合并营收为100亿美元,同比增长2%,税前利润率为18.1% [12] - 前9个月营运活动产生的现金流为9.72亿美元,合并现金流为2.28亿美元 [12] - 过去12个月的房地产业务存货回报率为29.5%,权益回报率为21.5% [12] 各条业务线数据和关键指标变化 - 房地产业务第三季度收入增长6%至92亿美元,交付房屋24,155套,平均售价382,200美元 [15] - 第三季度新签约销售23,000套,同比增长1%,订单金额80亿美元,同比持平,取消率为18% [16] - 第三季度毛利率为24%,环比提升80个基点,主要由于激励成本下降 [18] - 第三季度房地产SG&A费用占收入比为7.1%,同比上升40个基点 [20] - 租赁业务第三季度实现税前利润6,400万美元,收入4.14亿美元 [23] - 4 Star第三季度实现收入3.18亿美元,税前利润5,200万美元 [25] - 金融服务业务第三季度实现税前利润9,100万美元,利润率37.7% [27] 各个市场数据和关键指标变化 - 佛罗里达州和德克萨斯州等南部地区的订单略有下滑,主要受到房价上涨和利率上升的影响 [41][42] - 公司正在通过提供贷款利率优惠等措施来应对可负担性挑战 [17] 公司战略和发展方向及行业竞争 - 公司专注于提高资本效率,产生持续稳定的回报和现金流,以增加对股东的回报 [14] - 公司将继续扩大市场份额,并计划在2025财年大幅增加股票回购和股息支付 [33][35] - 公司的灵活的土地储备和第三方开发商合作模式是其强大竞争力的关键 [22][26] - 公司的租赁业务为房地产业务带来协同效应,提高了采购规模和劳动力利用效率 [23] 管理层对经营环境和未来前景的评论 - 尽管通胀和抵押贷款利率仍然较高,但可负担房源供给仍然有限,支持住房需求的人口统计因素依然有利 [13] - 公司有信心在当前市场环境下继续增加市场份额,并保持良好的运营表现 [13][36] 其他重要信息 - 公司创始人唐·霍顿先生于5月去世,公司对此表示哀悼,并承诺继续发扬他的遗志 [8][9][10] - 公司目前有42,600套房屋库存,平均售价约38万美元,有能力满足当前的市场需求 [13] - 公司的建筑周期时间已恢复正常,有助于提高存货周转率 [13][21] 问答环节重要的提问和回答 问题1 **John Lovallo 提问** 订单吸收率低于正常季节性,但利润率超出预期,公司是否更注重每套房的利润而非销售速度? [39] **Paul Romanowski 回答** 公司在价格和销售速度之间保持平衡,根据每个社区的具体情况做出调整。尽管需求有波动,但公司仍有信心完成全年的销售指引 [40] 问题2 **Carl Reichardt 提问** 公司是否仍然坚持24个月内收回土地投资的目标? [46] **Paul Romanowski 回答** 这仍然是公司的标准做法,尽管并非每个项目都能完全达到,但公司会尽量通过与第三方开发商合作等方式来实现这一目标 [47] 问题3 **Stephen Kim 提问** 公司未来现金流的预期和资本配置计划 [50][51] **Michael Murray 回答** 公司未来现金流预期将主要基于合并口径,随着租赁业务规模趋于稳定,合并现金流将更接近房地产业务现金流。公司计划大幅增加股票回购和股息支付 [51][52]

Thursday, July 18th, 2024Another Thursday morning, another Weekly Jobless Claims report. On an Initial Claims basis, we jump back up to where we were two weeks ago, to +243K new claims — a near-term high going back to August of last year. The previous week was upwardly revised slightly to +223K, which is where we had been much of this past spring. For sure, the sub-200K new jobless claims of late 2023 are clearly a thing of the past.Continuing Claims is arguably the more important data set. Here the news is ...

Loading...Loading...U.S. stocks traded higher this morning, with the Dow Jones index gaining around 40 points on Thursday.Following the market opening Thursday, the Dow traded up 0.10% to 41,238.64 while the NASDAQ rose 0.22% to 18,036.66. The S&P 500 also rose, gaining, 0.21% to 5,600.18.Check This Out: Top 3 Health Care Stocks Which Could Rescue Your Portfolio In JulyLeading and Lagging SectorsIndustrials shares jumped by 0.6% on Thursday.In trading on Thursday, health care shares fell by 0.4%.Top Headlin ...

D.R. Horton (DHI) came out with quarterly earnings of $4.10 per share, beating the Zacks Consensus Estimate of $3.80 per share. This compares to earnings of $3.90 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.89%. A quarter ago, it was expected that this homebuilder would post earnings of $3.08 per share when it actually produced earnings of $3.52, delivering a surprise of 14.29%.Over the last four quarters, the company ha ...

D.R. Horton Inc. (DHI) is slated to report third-quarter fiscal 2024 (ended Jun 30, 2024) results on Jul 18, before the opening bell.In the last reported quarter, the company’s earnings and revenues beat the Zacks Consensus Estimate by 14.3% and 10.2%, respectively. Yet, earnings and revenues of this homebuilding company grew 28.9% and 14% from the year-ago reported figures.Markedly, D.R. Horton reported better-than-expected earnings in 20 of the last 21 quarters.The Trend in Estimate RevisionThe Zacks Cons ...

The stock market breathed a sigh of relief last week when June’s inflation numbers came out. The Consumer Price Index fell 0.1% for the month, the first time inflation fell in four years. It signaled the Federal Reserve might cut interest rates, possibly as soon as September.Until then, things had been looking bleak with cuts not coming until December or even next year. But the more hopeful outlook ignited a rally amongst stocks that were hit hard by the Fed’s unprecedented rate increases.Yet there is still ...

The June CPI was much better than expected and has the broad market set up to rally over the next six to 12 months. The rally is driven by the expectation for FOMC interest rate cuts, which will reduce the cost of money and reinvigorate the bull market, assuming no recession unfolds. While most stocks should see the benefit of lower rates, specific sectors, industries, and stocks are in better positions. Among them are small and mid-caps, viewed as more agile and able to make quicker shifts, consumer-orient ...

The sagging homebuilder stocks thrived last week following the release of several key measures of inflation data that came in soft. Since the beginning of 2022, the homebuilding industry has been reeling under the impact of rising mortgage rates and escalating building costs.In early May, mortgage rates soared to the highest level of the year, and despite decreasing slightly since then, they remain near 7%. This surge in borrowing costs has coincided with a steady climb in home prices. These factors have se ...

The housing market has faced headwinds in recent times, primarily due to the impact of rising interest rates. This surge in borrowing costs has slowed down homebuying activity, leading to a decline in homebuilder stock prices. However, recent economic indicators suggest a potential shift in the market that could benefit the homebuilding sector. The decline in inflation, as reflected in the Consumer Price Index (CPI), has fueled optimism about the Federal Reserve potentially lowering interest rates. This pot ...

Key TakeawaysHomebuilder stocks jumped after the milder-than-expected June inflation print fueled investors' hopes that the Federal Reserve will cut its influential fed funds rates this year.With a lower fed funds rate, all kinds of borrowing would be less expensive including mortgages. High mortgage rates have hindered potential homebuyers from entering the market by pushing up the monthly payment on already pricey houses. Homebuilder stocks jumped Thursday on hopes that mortgage rates will start to signi ...