Movers: D R Horton, Hanesbrands, Meta, Roblox, SeaWorld, Walt Disney

Scott Peters
09 Nov, 2022
New York City

D R Horton Inc increased 2.6% to $75.19 after the homebuilder reported mixed quarterly results but backlog and unit home prices remained elevated. 

In the fiscal fourth quarter ending in September, consolidated revenues increased 19% to $9.6 billion from $8.1 billion a year ago. 

Net income in the quarter rose 22% to $1.6 billion from $1.3 billion and diluted earnings per share increased to $4.67 from $3.70 a year ago. 

In the quarter, the company repurchased 3.6 million shares of common stock for $251.7 million. 

The company's cancellation rate for fiscal 2022 was 21% compared to 17% a year ago and sales order backlog of homes under contract at the end of the quarter dropped 25% to  19,614 homes and 16% in value to $8.0 billion from 26,221 homes and $9.5 billion a year ago.  

Hanesbrands Inc declined 8.6% to $6.48 after the company reported lower-than-expected results. 

Net sales in the quarter declined 6.6% to $1.67 billion from $1.79 billion a year ago. 

Net income plunged to $80.1 million from $151.8 million and diluted earnings per share dropped to 23 cents from 43 cents a year ago. 

The company did not repurchase any shares in the third quarter  and has approximately $575 million remaining under its current repurchase authorization. 

The company's board declared a quarterly dividend of 15 cents a share to shareholders on record on November 22 and paid on December 13, 2022. 

The company estimated fourth quarter revenue between $1.40 billion and $1.45 billion, including $68 million of foreign exchange losses, representing a 19%revenue decline from a year ago. 

Meta Platforms jumped 6.8% to $102.94 after the company said it plans to layoff more than 11,000 workers.

Meta employs about 87.000 around the world and CEO Mark Zuckerberg said in a letter to employees his growth expectations were too high and the company needs to recalibrate its costs.

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