Just What the D.R. Ordered; D.R. Horton Cruises Through Its 3Q and Sees 10%-15% Growth in 2018
D.R. Horton posted strong third-quarter results and is set to finish its fiscal 2017 off strongly. The no-moat homebuilder increased consolidated sales 17% year over year to $3.78 billion (versus $3.71 billion consensus) and increased EPS 15% to $0.76 (versus $0.75 consensus). D.R. Horton enters its fiscal fourth quarter with a robust backlog worth $4.6 billion, and the firm now expects to deliver about 46,000 homes in 2017 versus 40,309 in 2016. Overall, D.R. Horton is performing about as we ex...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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