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D.R. Horton Inc DHI

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America's Largest Builder Is Not Immune to Supply Chain Issues; D.R. Horton Cuts 2021 Guidance

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.

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Company Profile

Business Description

D.R. Horton is a leading homebuilder in the United States with operations in 90 markets across 29 states. D.R. Horton mainly builds single-family detached homes (over 90% of home sales revenue) and offers products to entry-level, move-up, luxury buyers, and active adults. The company offers homebuyers mortgage financing and title agency services through its financial services segment. D.R. Horton's headquarters are in Arlington, Texas, and it manages five regional homebuilding offices across the United States.

1341 Horton Circle
Arlington, TX, 76011
T +1 817 390-8200
Sector Consumer Cyclical
Industry Residential Construction
Most Recent Earnings Jun 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type Cyclical
Employees 9,716