Type Public Founded 1978 | Industry Home construction | |
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Traded as NYSE: DHI
S&P 500 Component Founder Donald R. Horton (Founder & Chairman) Key people David Auld (CEO)
Michael Murray (COO)
Bill Wheat (CFO) Divisions Emerald Homes
Express Homes Headquarters Fort Worth, Texas, United States Stock price DHI (NYSE) US$ 32.85 +0.44 (+1.36%)7 Mar, 4:01 PM GMT-5 - Disclaimer CEO David V. Auld (1 Oct 2014–) Subsidiaries CONTINENTAL HOMES INC, DHI Mortgage Co Ltd Profiles | ||
D. R. Horton is the largest home construction company in the United States based on its 37,380 houses sold (up 26% year over year) and closed 36,648 (up 28% year over year) in fiscal year 2015. D.R. Horton posted revenues of $10.7 billion in 2015. D. R. Horton was founded in 1978 by Donald R. Horton in the Dallas–Fort Worth metroplex. The company's headquarters is located in the D. R. Horton Tower in Downtown Fort Worth. D. R. Horton operates three separately branded divisions: Emerald Homes, Express Homes, and Freedom Homes. Express Homes is tailored to entry-level buyers while the Emerald Homes brand is sold as luxury real estate. In July 2016, D.R. Horton announced the launch of their Freedom Homes division. The communities will be built as active adult housing and are set to be debuted in Florida, Illinois,Texas and Arizona.
D.R. Horton's geographic exposure extends from Texas to the Southeast, Mid-Atlantic, West Coast and Southwest. The company has minimal exposure in the upper Midwest and Northeast. Single-family detached homes accounted for 91% of D.R. Horton's sales in 2013. The company also builds condominiums, town homes, and multi-family residences. D.R. Horton also operates a financial arm, which provides mortgage financing and ancillary services such as title agency services. The company doesn't maintain mortgage exposure on its balance sheet. It immediately sells the loans to third parties. Also, most of the company’s loans are agencies—Ginnie Mae and Freddie Mac. Financial services account for about 3% of D.R. Horton’s revenues.
In April 2015, D. R. Horton expanded its operations in the Pacific Northwest with a $72 million purchase of the homebuilding operations of Pacific Ridge Homes in Seattle, Washington. The acquisition included 350 lots, 90 homes in inventory and 40 homes in sales order backlog. Horton also acquired control of about 400 lots through option contracts.
In May 2015, D. R. Horton received approval from the Honolulu City Council to begin construction on a 11,750-home master-planned community in West Oahu, Hawaii.
On September 6, 2016, D. R. Horton announced their acquisition of Wilson Parker Homes. The company paid $90 million in cash for Wilson Parker Homes and its assets, which included 490 lots, 390 homes in inventory and 300 homes in sales order backlog.
Controversy
The company has been involved in a closely followed National Labor Relations Board case involving a mandatory arbitration agreement provision relating to the waiver of rights to bring a class or collective action to resolve employment disputes in D.R. Horton, Inc. v. National Labor Relations Board, No. 12-60031 (Dec. 3, 2013).
Lawsuits surrounding Hydraulic fracturing in the town of Denton, Texas have brought the company in proximity to legal actions taken against the city and local drilling companies. Residents allege that the town council permitted the company to build houses as close at 250 feet to the gas wells after the city had banned drilling within 1200 feet of residences.