DHI · D. R. Horton Q3 FY2026 earnings call record财报电话会记录

“Consolidated pre-tax income totaled $1.2 billion on $9.2 million of revenues, resulting in a pre-tax profit margin of 13.3%.”

“Affordability constraints and cautious consumer sentiment continue to impact new home demand.”

“Our gross profit margin on home sales revenues in the third quarter was 20.7%, above the high end of our guidance range, reflecting lower stick and brick costs and slightly lower incentives than the second quarter.”

“Turning to our financial services operations, pre-tax income for the third quarter was $70 million on $221 million of revenues, resulting in a pre-tax profit margin of 31.9%.”

“Total debt at quarter end was $7.1 billion, with $600 million of homebuilding senior notes maturing over the next 12 months.”

“We also repurchased 4.2 million shares of common stock for $616 million during the quarter, reducing our outstanding share count by 6% compared to a year ago.”

“We expect our home sales gross margin for the fourth quarter to be in the range of 20.5%-21%, and our consolidated pre-tax profit margin to be between 12.3% and 12.8%.”

“For the full year of fiscal 2026, we now expect consolidated revenues of approximately $32.5 billion-$33 billion, and homes closed by our homebuilding operations of 83,800-84,300 homes.”

“We now forecast an income tax rate for fiscal 2026 of approximately 25%, and still expect operating cash flow of at least $3 billion, common stock repurchases of approximately $2.5 billion, and dividend payments of around $500 million.”

“A little more weakness out in the Northwest and especially as you look up into Seattle, where we've seen some of the shift in the software jobs, and more layoffs and some headwinds to demand in those markets.”

“I'm just wondering, as demand kind of seasonally softened into May and June, I was wondering if you saw, was the can rate also the increase there back-end loaded, or was it more of a slowdown in kind of the incoming gross orders or some combination of both?”

“On the gross margin beat, can you talk to Your regional segment results are very consistent versus other builders.”