D.R. Horton Inc. lowered its forecast for annual revenue and homes closed, on supply chain challenges such as shortages and delivery delays in building materials as well as a tight labor market.
The homebuilding company now expects homes closed between 81,300 and 81,700, down from its prior forecast of 83,000 to 84,500 homes. It now projects its revenue for fiscal 2021 in the range of $27.4 billion to $27.6 billion, compared to the previous expectation of $27.6 billion to $28.1 billion.
However, the company expects higher current-quarter home sales gross margin as limited home inventory relative to strong demand is pushing prices upward.