D.R. Horton, Arlington, Tx. (NYSE:DHI) on Monday updated guidance for its fourth quarter backlog conversion rate, fourth quarter SG&A as a percentage of home building revenues and fiscal 2017 cash flow from operations.
“Due to delays caused by the recent hurricanes, the company now expects its backlog conversion rate for the fourth quarter of fiscal 2017 to be approximately 85% compared to the previous range of 88% to 90% and its SG&A as a percentage of home building revenues to be approximately 8.6% compared to the previous range of 8.3% to 8.4%,” the company stated. “For the fiscal year, the company expects to generate approximately $150 million of cash flow from operations compared to the previous guidance of approximately $300 million.”
Horton also said it does not expect the recent weather events to have an impact on its preliminary fiscal 2018 guidance issued in July.
