Forestar Q3 net income $38.7M (-17% YoY); revenue $318.4M (-14% YoY); guidance narrowed, lot inventory up 40%

Forestar Group Inc.

2024-Q3 EPS reported $2.40 revenue$958,000,000

Net income $38.7M ($0.76 diluted EPS), down from $46.8M ($0.93) YoY; YTD net income up 29% to $121.8M.
Revenue $318.4M on 3,255 lots sold (-15% lots YoY); YTD revenue $958.0M (+8% YoY).
Pre-tax profit margin 16.2%; return on equity 13.8% (up 190 bps from 11.7% prior year).
Owned and controlled lots up 40% to 102,100 lots; owned lots under contract represent ~$1.8B future revenue.
Fiscal 2024 lot delivery guidance narrowed to 14,600-15,100 (from 14,500-15,500); revenue outlook unchanged $1.4-$1.5B.

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