Why Forestar Group Stock Was Sinking This Week
The stock of Forestar Group (NYSE: FOR), a publicly traded subsidiary of big home builder D.R. Horton that concentrates on developing real estate lots, hasn't built much wealth for investors in recent days.
According to data compiled by S&P Global Market Intelligence, Forestar's share price was down by nearly 17% week to date as of early Friday morning. It seems the market wasn't impressed by the company's latest set of quarterly results.
On Thursday, Forestar said it managed to increase its total revenue by 11% year over year to just under $334 million in its fiscal second quarter of 2024, ended March 31. The company's improvement on the bottom line was far more dramatic, with generally accepted acconting principles (GAAP) net income rising a sturdy 67% to $45 million, equating to $0.89 per share.
Source Fool.com
