DR Horton shares sink after quarter, guidance miss expectations

M/I Homes

29/10/2024 15:25

** Shares in DR Horton Inc  DHI.N  down ~9% on Tuesday, on track
for biggest one-day pct decline since Jan 22, after largest U.S.
homebuilder missed fiscal Q4 earnings, revenue estimates,
forecast 2025 home deliveries below expectations  
    ** Disappointing report also puts pressure on PHLX Housing
index  .HGX , down nearly 4%, with rival homebuilders in the
red: Meritage Homes  MTH.N , down ~6% M/I Homes  MHO.N , down
~6%, Pultegroup  PHM.N  down ~5%, Toll Brothers  TOL.N  down
~5%, Lennar  LEN.N  and KB Home  KBH.N  down ~4%
** DHI reported Q4 adj EPS of $3.92 vs Wall Street consensus
expectation for $4.17 while its revenue of $10 bln missed
consensus est of $10.2 bln, according to LSEG
** Also, for fiscal yr 2025, DHI forecast delivery of 90,000 to
92,000 homes below analyst avg expectation for more than 94,000,
according to data compiled by LSEG
    ** DHI shares last traded at $164.04 after earlier hitting
$152.99 - lowest level since mid July. In comparison median PT
for DHI is $200, as per LSEG, which shows 22 analyst ratings of
3 'strong buy,' 9 'buy,' 9 'hold' and 1 'sell'
    ** YTD, shares of DHI now up ~7.5% vs HGX index increase of
nearly 16%

(Reporting By Sinéad Carew)
((mailto:sinead.carew@thomsonreuters.com; +13322191897;))