Homebuilder D.R. Horton, Inc. (NYSE: DHI) on Thursday reported higher net income and revenues for the third quarter of 2024.
- In the third quarter of 2024, Horton’s earnings per share increased 5% from last year to $4.10
- Net income attributable to the company rose to $1.35 billion in the June quarter from $1.34 billion a year earlier
- Consolidated pre-tax income increased 1% to $1.8 billion in Q3, with a pre-tax profit margin of 18.1%
- Total revenues increased 2% to $10.0 billion during the three months; homes closed rose 5% to 24,155 units and 6% in value to $9.2 billion
- Net sales orders edged up 1% to 23,001 homes and were flat in value at $8.7 billion in the June quarter
- Rental operations pre-tax income was $64.2 million in Q3, on $413.7 million of revenues from sales of 790 single-family rental homes and 610 multi-family rental units
- The company repurchased 3 million shares for $441.4 million and paid cash dividends of $98.5 million during the quarter