D.R. Horton (NYSE:DHI) shares are trading lower after the company reported fourth-quarter results. Sales fell 5% year-over-year to $10.0 billion, missing the consensus of $10.2 billion.
Net sales orders increased 1% to 19,035 homes and decreased 2% in value at $7.1 billion. Homebuilding revenue increased 2% to $9.0 billion. Homes closed in the quarter rose 3% to 23,647 homes.
Sales order backlog of homes under contract as of September 30, 2024, decreased 20% to 12,180 homes and 19% in value to $4.8 billion. D.R. Horton had 37,400 homes in inventory, of which 25,700 were unsold as of September 30, 2024.
