1110 ET - D.R. Horton isn't expecting a reprieve from incentives anytime soon. The Arlington, Texas, home-builder says the spring selling season has been slower than expected given affordability constraints and declining consumer confidence, which dented gross margins on home sales in 2Q as incentive costs rose. Executives on an earnings call said they expect incentive levels to stay elevated and forecast gross margins in 3Q to fall between 21% and 21.5%, which would be a sequential decline from 21.8% in 2Q. Shares rise 3.1% to $121.17 despite weaker quarterly results and a reduced outlook for FY25. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
April 17, 2025 11:10 ET (15:10 GMT)
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