D.R. Horton Pinned at Neutral - Analyst Blog
11 3월 2013 - 7:50PM
Zacks
On Mar 7, we maintained a Neutral recommendation on D.R.
Horton Inc (DHI), following appraisal of its first quarter
fiscal results.
Why the Neutral Recommendation?
On Jan 29, 2013, this leading national homebuilder announced
first quarter 2013 adjusted earnings of 20 cents per share, which
beat the Zacks Consensus Estimate by 50.0% and the prior-year
quarter earnings by 122%. Homebuilding revenues climbed 39.0% year
over year to $1.23 billion, driven by better pricing power and
volume growth, reflecting improvement in market conditions from the
prior year.
All the operating regions of D.R. Horton reported double-digit
sales growth as the company sees a broad improvement in demand
across all markets. Reported revenues also beat the Zacks Consensus
Estimate of $1.10 billion. The gross margin expanded 200 basis
points in the quarter to 18.8% driven by better pricing and reduced
incentives.
The Zacks Consensus Estimates witnessed an upward bias following
solid first quarter results. The Zacks Consensus Estimate for 2013
rose almost 8% to 95 cents while that for 2014 increased 8.3% to
$1.43 in the past 60 days.
D.R. Horton is witnessing significant growth in both volumes and
selling prices driven by substantial improvement in demand across
all markets. Moreover, new home orders, backlogs and homes have
been increasing in double digit percentages. Profitability is
expected to continue to improve on the back of D.R. Horton’s
geographic diversity, solid cost discipline, sound balance sheet,
improved liquidity position, better pricing power, and rising home
inventories, and land position.
However, the new home demand remains at historically low levels
due to the current weak U.S. economic conditions and tight mortgage
lending standards. Sustainable increases in housing and housing
demand for the long term will require the overall economy to
strengthen, including further job growth. Additionally, the pending
federal budget decisions could potentially disrupt the housing
recovery. Moreover, the housing recovery was uneven and not broad
based with some markets showing more upward momentum than others. A
sustainable housing recovery in the long term can be achieved only
through a broad-based recovery in the overall economy, which we
believe will take time.
Other Stocks to Consider
D.R. Horton carries a Zacks Rank #2 (Buy). Some other housing
stocks worth considering include NVR Inc. (NVR) –
Zacks Rank #1 (Strong Buy), Gafisa S.A. (GFA)
-Zacks Rank #2 (Buy), and Consorcio ARA, S. A. B. de C.
V. (CNRFF) - Zacks Rank #2 (Buy).
CONSORCIO ARA (CNRFF): Get Free Report
D R HORTON INC (DHI): Free Stock Analysis Report
GAFISA SA-ADR (GFA): Free Stock Analysis Report
NVR INC (NVR): Free Stock Analysis Report
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Zacks Investment Research
Consorcio Ara (PK) (USOTC:CNRFF)
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부터 8월(8) 2024 으로 9월(9) 2024
Consorcio Ara (PK) (USOTC:CNRFF)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024