Dream Finders Homes (DFH) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenues reached $1.01 billion, up 12% year-over-year, with homebuilding revenues rising 10% and net new orders up 9%.

• Home closings increased 8% for the first nine months and 5% in Q3, with average sales price up 3% to $518,553.

• Crescent Homes and Jet HomeLoans acquisitions expanded operations and contributed to revenue and income growth.

• Net income attributable to DFH was $70.7 million in Q3, down from $76.1 million in Q3 2023.

• The company remains focused on an asset-light lot acquisition strategy and long-term growth.

Financial highlights

• Q3 2024 total revenues were $1.01 billion, up 12% year-over-year; net income attributable to DFH was $70.7 million, down from $76.1 million.

• Nine-month 2024 revenues reached $2.89 billion, up 11% year-over-year; net income was $206.1 million, up from $194.0 million.

• Q3 2024 basic EPS was $0.72 and diluted EPS was $0.79; nine-month basic EPS was $2.10 and diluted EPS was $2.06.

• EBITDA for Q3 2024 was $133 million (13.2% margin); cash and cash equivalents at quarter-end were $205 million.

• Net homebuilding debt to net capitalization was 45.6% at quarter-end, up from 34.5% a year ago.

Outlook and guidance

• Guidance for approximately 8,250 home closings in full year 2024 reiterated.

• Management expects continued support for faster inventory turnover and a shift toward spec sales.

• The company plans to reinvest earnings into business expansion and maintain its asset-light approach.

• Focus remains on building value for 2025 and beyond.