D.R. Horton (NYSE:DHI) reported its first-quarter earnings, presenting a mixed set of results. The company’s earnings per share (EPS) for the first quarter came in at $2.82, below the anticipated $2.87. Despite missing the EPS estimate, D.R. Horton achieved a strong revenue figure, reporting $7.73 billion, which is a 6.5% increase compared to the previous year and higher than the expected $7.56 billion.

However, the company’s stock experienced a more than 9% decline intra-day today following the announcement.

Net sales orders saw considerable year-over-year growth, reaching 18,069, marking a 35% increase. This figure was just shy of the forecasted 18,332. The value of homes closed by the company during this period was $7.28 billion, an 8.5% increase from the previous year and above the estimated $7.1 billion.

Donald R. Horton, Chairman of the Board, commented on the results, noting the challenges posed by inflation and high mortgage interest rates. He emphasized the 35% increase in net sales orders from the same quarter last year, attributing it to the limited supply of new and existing affordable homes and favorable demographic trends supporting housing demand.

However, the company reported declines in its backlog figures, with an 11% decrease in backlog units and a 12% drop in the backlog value compared to the previous year.

Looking ahead, D.R. Horton projects its full-year revenue to be between $36 and $37.3 billion, compared to the consensus estimate of $36.64 billion.

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