Forestar Q3 net income up 18% to $46.8M; revenue +20% to $368.9M on 3,812 lots sold

Forestar Group Inc.

2023-Q3 EPS reported $1.89 revenue$887,100,000

Net income $46.8M ($0.93/diluted) vs $39.7M ($0.80) prior year; pre-tax income +18% to $62.4M, margin 16.9%.
Lots sold up 10% to 3,812; 625 lots sold to non-D.R. Horton customers (vs 435).
Book value per share up 13% to $25.96; net debt-to-capital ratio improved to 19.1%.
Owned/controlled 73,000 lots; 14,900 owned lots under contract representing ~$1.4B future revenue.
Nine-month net income decreased 26% to $94.5M ($1.89) due to $19.4M in pre-tax impairments.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Forestar Group Inc. reported third quarter ended June 30, 2023 results: revenue $368.9 million, net income $46.8 million, EPS $0.93 per diluted share.

Period: third quarter ended June 30, 2023
Revenue: $368.9 million
Net income: $46.8 million
EPS: $0.93 per diluted share
Result: reported results

Exact text from the filing

Net income for the third quarter of fiscal 2023 increased 18% to $46.8 million, or $0.93 per diluted share, compared to $39.7 million, or $0.80 per diluted share, in the same quarter of fiscal 2022. Pre-tax income for the quarter increased 18% to $62.4 million from $52.7 million in the same quarter of fiscal 2022. Revenues for the quarter increased 20% to $368.9 million from $308.5 million in the same quarter of fiscal 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Forestar Group Inc. reported nine months ended June 30, 2023 results: revenue $887.1 million, net income $94.5 million, EPS $1.89 per diluted share.

Period: nine months ended June 30, 2023
Revenue: $887.1 million
Net income: $94.5 million
EPS: $1.89 per diluted share
Result: reported results

Exact text from the filing

Net income for the nine months ended June 30, 2023 decreased 26% to $94.5 million, or $1.89 per diluted share, compared to $128.0 million, or $2.57 per diluted share, in the same period of fiscal 2022. Pre-tax income for the nine months ended June 30, 2023 decreased 26% to $126.2 million from $169.4 million in the same period of fiscal 2022. The nine months ended June 30, 2023 included $19.4 million of pre-tax real estate impairment charges to cost of sales compared to $3.8 million in the same period of fiscal 2022. Revenues for the nine months ended June 30, 2023 decreased 22% to $887.1 million from $1.1 billion in the same period of fiscal 2022.

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Source: SEC EDGAR

accession 0001406587-23-000094

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