D.R. Horton's Lower Profits Impact Homebuilder Stocks

Despite high mortgage rates, the company raises its 2024 home sales outlook, anticipating increased demand.

D.R. Horton, the largest U.S. homebuilder by revenue, reported lower than expected profits due to incentives and lower prices offered to attract buyers.
Despite high mortgage rates, D.R. Horton raised its outlook for 2024 home sales, anticipating a rise in demand.
D.R. Horton's shares were down close to 10% in intraday trading, affecting other homebuilder stocks such as Lennar and PulteGroup.
The company reported a 12% increase in the number of homes closed, to 19,340, during a tough quarter in the housing market.
D.R. Horton expects full-year revenue in the range of $36 billion to $37.3 billion.