D.R. Horton (DHI) FY2014 results: revenue $8.0 billion, up 28.2% on the year
D.R. Horton, Inc. (DHI) reported revenue of $8.0 billion for fiscal 2014, the year ended 30 September 2014, up 28.2% on the year before. Net income was $534 million, up 15.3%, and diluted earnings per share $1.50. The figures are the company's own, from the 10-K it filed with the SEC on 18 November 2014.
Revenue
$8.0 billion
+28.2% on the year
FY2009FY2014
Operating margin
n/a
FY2009FY2014
Net income
$534 million
+15.3% on the year
FY2009FY2014
Diluted EPS
$1.50
+12.8% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
8,025
6,259
4,354
+28.2%
Interest expense
0.0
7.1
26.9
Pre-tax income
814
658
243
+23.8%
Income tax
281
195
-713
+43.9%
Effective tax rate
34.5%
29.7%
-293.7%
Net income
534
463
956
+15.3%
Net margin
6.6%
7.4%
22.0%
Diluted EPS
$1.50
$1.33
$2.77
+12.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
-661
-1,231
-292
Capital expenditure
100
58.0
33.6
+72.8%
Free cash flow
-762
-1,289
-326
Free cash flow margin
-9.5%
-20.6%
-7.5%
Cash from investing
-282
181
-143
Cash from financing
628
939
752
-33.1%
Depreciation and amortisation
38.4
22.7
18.8
+69.2%
Share-based compensation
26.2
19.0
n/a
+37.9%
Buybacks
n/a
0.0
0.0
Dividends paid
48.6
60.2
47.8
-19.3%
Dividend per share
$0.14
$0.19
$0.15
-26.7%
Diluted shares, weighted
367m
365m
359m
+0.5%
Shares outstanding at period end
365m
323m
321m
+12.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,116
4,058
3,592
+26.1%
Non-controlling interest
3.9
2.9
2.6
+34.5%
Debt
3,666
3,509
2,493
+4.5%
Other liabilities
1,417
1,286
1,160
+10.2%
Total liabilities and equity
10,202
8,856
7,248
+15.2%
Fixed assets
194
110
73.8
+76.9%
Goodwill
n/a
n/a
38.9
Securities held for sale or to maturity
n/a
n/a
298
Cash and equivalents
662
977
1,087
-32.3%
Other assets
9,347
7,770
5,751
+20.3%
Total assets
10,202
8,856
7,248
+15.2%
10-K for the year ended 30 September 2014, filed 18 November 2014: the filing.