D.R. Horton, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported revenues of $3,332.7 million against $2,904.2 million a year ago. Income before income taxes was $391.2 million against $318.1 million a year ago. Net income attributable to the company was $189.3 million against $206.9 million a year ago. Net income per diluted share was $0.49 against $0.55 a year ago. Net cash used in operating activities was $75.0 million against $28.2 million a year ago. Expenditures for property and equipment were $44.4 million against $22.2 million a year ago. The current quarter results include a one-time non-cash charge to income tax expense of $108.7 million to re-measure the company's net deferred tax assets, partially offset by a lower effective tax rate, both as a result of the Tax Cuts and Jobs Act enacted into law on December 22, 2017.

The company is updating its fiscal 2018 guidance as follows: Consolidated pre-tax profit margin of 11.8% to 12.0% compared to prior guidance of 11.5% to 11.7%; home sales gross margin in the range of 20% to 21%, with potential quarterly fluctuations that may be outside of this range; as previously announced on January 9, 2018, an income tax rate of approximately 26%, excluding the first quarter charge to reduce net deferred tax assets by $108.7 million; cash flow from operations of at least $700 million excluding Forestar, an increase of $200 million from initial guidance primarily due to recent tax legislation. The company reaffirms its previously issued fiscal 2018 guidance for other metrics including: consolidated revenues between $15.5 billion and $16.3 billion.