Analyst Note| Brian Bernard, CFA, CPA |
Homebuilder D.R. Horton, which is the largest homebuilder in the United States (by volume), lowered its fiscal fourth-quarter and full-year 2021 home delivery guidance due to building materials and labor shortages, which have lengthened construction times. D.R. Horton now expects to deliver 81,300-81,700 homes in 2021 (24%-25% growth) compared with previous guidance of 83,000-84,500 homes (27%-29% growth). We believe most of these delayed home deliveries will occur in fiscal 2022.