Benzinga | Jul 22, 2021 08:22AM EDT

D R Horton Q3 Results Beat Estimates

* D R Horton Inc (NYSE:DHI) reported third-quarter FY21 net revenue growth of 35.4% year-on-year to $7.28 billion, beating the analyst consensus of $7.19 billion.

* Homes closed in the quarter increased 22% Y/Y to 21,588 homes.

* Net sales orders increased 2% Y/Y in value to $6.4 billion on 17,952 homes.

* The company's cancellation rate for the quarter was 17% compared to 22% last year.

* As of June 30, 2021, D R Horton had 47,300 homes in inventory, of which 15,400 were unsold.

* Selling, general and administrative expenses rose 24% to $655.7 million.

* The company held $1.96 billion in cash and equivalents, including restricted cash, as of June 30, 2021.

* EPS of $3.06 beat the analyst consensus of $2.81.

* "Housing market conditions remain very robust, with homebuyer demand exceeding our current capacity to deliver homes across all of our markets," said Chairman of the board, Donald R. Horton.

* Outlook: D R Horton sees FY21 revenue of $27.6 billion - $28.1 billion, up from the prior view of $26.8 billion to $27.5 billion, versus the consensus of $27.40 billion.

* It expects Homes closed of 83,000 to 84,500 homes, versus prior guidance of 82,500 to 84,500 homes.

* Price action: DHI shares are trading lower by 4.30% at $87.54 in premarket on the last check Thursday.