Dream Finders Homes Q3 2024 GAAP EPS $0.70 Misses $0.84 Estimate, Sales $1.01B Miss $1.07B Estimate

Benzinga10-31

hird Quarter 2024 Highlights (As Compared to Third Quarter 2023, unless otherwise noted)

Homebuilding revenues increased 10% to $986 million from $894 million
Home closings increased 5% to 1,889 from 1,798
Net new orders increased 9% to 1,680 from 1,535
Average sales price of homes closed increased 3% to $518,553 from $501,536
Homebuilding gross margin of 19.2% compared to 20.6%
Adjusted homebuilding gross margin (non-GAAP) of 27.6% compared to 28.4%
Pre-tax income decreased 11% to $92 million from $104 million
Net income attributable to DFH decreased 7% to $71 million, or $0.72 per basic share, from $76 million, or $0.79 per basic share
Active community count of 235 as of September 30, 2024
Backlog of 3,996 sold homes as of September 30, 2024, valued at $2.0 billion
Controlled lot pipeline of 44,825 as of September 30, 2024, compared to 30,614 as of September 30, 2023
Total liquidity, comprised of cash and cash equivalents and availability under the revolving credit facility, of $493 million as of September 30, 2024
Net homebuilding debt to net capitalization (non-GAAP) of 45.6% as of September 30, 2024, compared to 34.5% as of September 30, 2023
Return on participating equity of 30.4% for the trailing twelve months ended September 30, 2024, compared to 38.9% for the trailing twelve months ended September 30, 2023
Repurchased 180,164 Class A common shares for $5 million during the three months ended September 30, 2024

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