Chester, more on homebuilders:
from today's news release from DHI, which is trading nearly at its lowest level in two years,
D.R. Horton, Inc. (NYSE:DHI)
Thursday (October 14, 1999) announced that it expects to exceed First Call
consensus estimates for the fourth quarter ended September 30, 1999. .... a 10% increase over the current First Call consensus estimate of
$0.69 per share. For the fiscal year ended September 30, 1999, D.R. Horton,
Inc. expects to report net income of at least $2.49 per share (diluted)
my note -- this works out to a p/e of 4.56
Speaking to research analysts today, Richard Beckwitt, President, said,
"Fiscal 1999 will mark our 22nd consecutive year of record revenues and
profits. Net income rose in the fourth quarter, fueled by a 39% increase in
revenues from homes closed. Revenues from homes closed totaled $936 million
(5,424 homes) for the three months ended September 30, 1999, compared to
$673 million (4,232 homes) for the same period of 1998."
Donald R. Horton, Chairman of the Board, said, "We enter fiscal 2000 with
the highest beginning backlog in the Company's history and continued sales
momentum. New sales orders for the three months ended September 30, 1999
increased 11% in units and 27% in dollars. More importantly, sales orders
accelerated in the month of September 1999, increasing 21% in units and 38% in
dollars. Given our record backlog of approximately $1.4 billion, we are
poised for another record year in fiscal 2000."
my note: this means that the forward p/e is even less than the trailing p/e of 4.56 |
