earnings
confidence high
sentiment neutral
materiality 0.70
Forestar Q3 net income up 151% to $0.80 EPS; lowers fiscal 2022 guidance on lot deliveries to 17,000 from ~19,500-20,000
Forestar Group Inc.
2022-Q3 EPS reported
$2.57
revenue$1,137,700,000
- Net income $39.7M ($0.80 diluted EPS) vs $15.8M ($0.32) a year ago, up 151%.
- Revenue $308.5M (down 1% YoY); lots sold 3,473 (down 10% YoY).
- Pre-tax profit margin improved 1,040 bps to 17.1%; excluding debt extinguishment, pre-tax income up 34%.
- Guidance cut: FY2022 lot deliveries ~17,000 (from prior 19,500-20,000); revenue ~$1.425B (from ~$1.7B).
- Lots sold to non-D.R. Horton customers up 213% to 435 lots; ROE 16.2% (up 620 bps).