Apr. 17 at 10:56 AM
$FOR Forestar Group cuts FY25 revenue view to
$1.5B-
$1.55B from
$1.6B-
$1.65B
FY25 consenskus
$1.65B. Donald Tomnitz, Chairman of the Board, said, "The Forestar team delivered increased revenues and lot deliveries compared to the prior year quarter and further strengthened its balance sheet by increasing liquidity and extending the Company's debt maturity profile. However, home affordability constraints and declining consumer confidence continue to impact the pace of new home sales, resulting in a slower than expected start to the spring selling season.
Based on our fiscal year-to-date results and current market conditions, we are updating our guidance for fiscal 2025. We now expect to deliver between 15,000 and 15,500 lots generating
$1.5 billion to
$1.55 billion of revenue compared to our prior guidance of between 16,000 and 16,500 lots generating
$1.6 billion to
$1.65 billion of revenue. Forestar is uniquely positioned to consistently provide essential finished lots to the homebuilding industry.
Our strong balance sheet and liquidity give us the flexibility to operate effectively through changing market conditions. We expect to continue aggregating significant market share, supported by our substantial operating platform, strategic relationship with D.R. Horton and
$2.3 billion of contracted future revenue. We will maintain our disciplined approach to capital allocation while positioning Forestar for growth and enhancing long-term value for our shareholders."
