D.R. Horton's Preliminary 4Q Home Deliveries Miss Not a Reason for Investors to Panic
On Oct. 9, no-moat-rated D.R. Horton released select fiscal fourth-quarter data ahead of its Nov. 8 earnings call. While home deliveries were up 11% year over year, the 14,674 homes delivered during the fourth quarter missed the midpoint of management's guidance by about 3%. This guidance miss shouldn't have surprised investors, in our view, given that just about a week earlier, Lennar slightly lowered its guidance for home deliveries and orders because of "Hurricane Florence...and a bit of slug...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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