Forestar Q1 net income down 49% to $20.8M; revenue falls 47% on fewer lots sold

Forestar Group Inc.

2023-Q1 EPS reported $0.42 revenue$216,700,000

Diluted EPS $0.42 vs $0.81 YoY; net income $20.8M; revenue $216.7M (down 47%).
Lots sold dropped 50% to 2,263; gross profit margin improved 390 bps to 21.9%.
Pre-tax profit margin 12.9%; return on equity 13.9% (up 70 bps).
Total liquidity $582.6M; net debt-to-capital improved 520 bps to 28.7%.
Book value per share $24.50 (up 15%); no annual guidance provided due to uncertainty.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Forestar Group Inc. reported first quarter ended December 31, 2022 results: revenue $216.7 million, net income $20.8 million, EPS $0.42 per diluted share.

Period: first quarter ended December 31, 2022
Revenue: $216.7 million
Net income: $20.8 million
EPS: $0.42 per diluted share
Result: reported results

Exact text from the filing

Net income attributable to Forestar for the first quarter of fiscal 2023 decreased 49% to $20.8 million, or $0.42 per diluted share, compared to $40.5 million, or $0.81 per diluted share, in the same quarter of fiscal 2022. Pre-tax income for the quarter decreased 48% to $27.9 million from $53.5 million in the same quarter of fiscal 2022. Revenues for the quarter decreased 47% to $216.7 million from $407.6 million in the same quarter of fiscal 2022.

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Source: SEC EDGAR

accession 0001406587-23-000006

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