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ARLINGTON, Texas - Forestar Group Inc . (NYSE:FOR), a leading national residential lot developer, reported second quarter earnings that fell short of analyst expectations and reduced its full-year outlook on Thursday.
Shares of Forestar were down -2.84% in premarket trading following the earnings release and reduced guidance.
The company posted earnings per share of $0.62 for the quarter ended March 31, missing the consensus estimate of $0.67. Revenue came in at $351 million, below analyst projections of $386.14 million but up 5% year-over-year.
Forestar lowered its fiscal 2025 revenue guidance to $1.5-1.55 billion, down from its previous forecast of $1.6-1.65 billion and below the $1.647 billion analysts were expecting. The company now anticipates delivering 15,000-15,500 lots this fiscal year, reduced from its prior outlook of 16,000-16,500 lots.
"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," said Donald J. Tomnitz, Chairman of the Board.
Despite the challenges, Forestar reported a 4% increase in lots sold to 3,411 during the quarter. The company’s lot position stood at 105,900 at quarter-end, with 68,400 owned and 37,500 controlled through contracts.
Forestar ended the quarter with $174.3 million in cash and $617.7 million available on its credit facility. In March, the company issued $500 million in new senior notes and used part of the proceeds to repurchase $329.4 million of existing notes.
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