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The home construction company reported Q4 EPS of $4.45, $0.52 better than the analyst estimate of $3.93, while revenue for the quarter came in at $10.05 billion, rising 9% and beating the consensus estimate of $10 billion.
The company reported home sales revenues of $8.8 billion on 22,928 homes closed, while net sales orders increased 39% to 18,939 homes and 34% in value to $7.3 billion.
Despite continued higher mortgage rates and inflationary pressures, DHI’s net sales orders increased from the prior year’s quarter, with the company noting that the supply of both new and existing homes at affordable price points remains limited and demographics supporting housing demand remain favorable.
“We are well-positioned to meet changing market conditions with our affordable product offerings and flexible lot supply and are focused on turning our inventory to maximize returns and capital efficiency in each of our communities,” said Donald R. Horton, Chairman of the Board.
DHI declared a quarterly cash dividend of $0.30 per share, representing an increase of 20% compared to its most recent dividend paid.
Looking forward, DHI sees fiscal 2024 revenue from $36 billion to $37 billion, versus the consensus of $34.94 billion. It expects homes closed by homebuilding operations of 86,000 homes to 89,000 homes.
