Why D.R. Horton Stock Dropped Today
Shares of D.R. Horton (NYSE: DHI) fell 9.2% on Tuesday after the country's largest homebuilder announced mixed quarterly results relative to expectations.
For its fiscal first quarter of 2024 ended Dec. 31, 2023, revenue grew 6.5% year over year to $7.73 billion, translating to net income of $947.4 million, or $2.82 per share. Analysts, on average, were modeling slightly higher earnings of $2.88 per share on lower revenue of $7.59 billion.
Digging deeper into D.R. Horton's results, its number of homes closed during the quarter grew 12% to 19,340, but increased only 8% in value to $7.3 billion due to lower home prices. The company also repurchased 3.3 million shares during the quarter for just over $398 million.
Source Fool.com
