D.R. Horton Raises 2018 Guidance After Posting Strong 1Q Results
D.R. Horton started its fiscal 2018 off strong, as homebuilding sales grew 14% year over year, pretax margin expanded 70 basis points to 11.7%, and adjusted EPS, which excludes the remeasurement of the homebuilder’s deferred tax asset that was required due to U.S. tax reform, increased $0.23 to $0.78 per share. The no-moat homebuilder’s consolidated revenue, which includes financial services and recently acquired Forestar Group, beat the consensus estimate by about $72 million, and adjusted EPS ...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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