D.R. Horton's 2019 Delivery Guidance In Line With Our Estimate; Spring Selling Season Going Well
Overall, we thought D.R. Horton had a solid fiscal second-quarter performance considering the well-documented housing slowdown that began in the latter half of 2018. After all, organic sales orders, which exclude the contribution from the three homebuilders acquired last quarter, grew 3% year over year, and homebuilding revenue increased over 8%. D.R. Horton's home sales gross profit margin shrank 150 basis points to 19.3% because of increased use of sales incentives and less pricing power to of...D.R. Horton is a homebuilding company. The company's business operations consist of homebuilding, a majority-owned residential lot development company, financial services and other activities. The company's financial services operations provide mortgage financing and title agency services to homebuyers in its homebuilding markets. The company's subsidiary, DHI Mortgage, provides mortgage financing services primarily to its homebuyers and generally sells the mortgages it originates and the related servicing rights to third-party purchasers. The company's subsidiary title companies serve as title insurance agents by providing title insurance policies, examination and closing services, primarily to its homebuyers.
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