Homebuilder D.R. Horton, Inc. (NYSE: DHI) on Thursday reported higher net income and revenues for the second quarter of 2024.
- The company’s second-quarter net income increased 24% year-over-year to $1.2 billion or $3.52 per share
- Consolidated pre-tax income rose 23% to $1.5 billion, with a pre-tax profit margin of 16.8%
- Consolidated revenues increased 14% to $9.1 billion in Q2 from $8 billion a year earlier
- Homes Closed increased 15% annually to 22,548 homes and 14% in value to $8.5 billion during the three months
- Net sales orders increased 14% to 26,456 homes and 17% in value to $10.1 billion in the March quarter
- In Q2, rental operations pre-tax income was $33.3 million on $371.3 million of revenues from sales of 1,109 single-family rental homes and 424 multi-family rental units
- During the quarter, the company repurchased 2.7 million shares for $402.2 million and paid cash dividends of $99.2 million