Shares of DHI are +2% against a very weak market backdrop on the back of a headline EPS ‘beat’ that benefited from warranty cost recovery (adjusted results were weaker). Revenue ahead, but margins and orders both missed. While the winter quarter is the slowest and least important for homebuilders, we don’t see any green shoots in these numbers, IMO. Here’s the full breakdown of actuals vs. Consensus, noting that DHI also held their FY guide given we have yet to kick-off the all important spring selling season for housing:
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