D.r. Horton
Q1 2023 Earnings Call
Jan 24, 2023, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning and welcome to the first quarter 2023 earnings conference call for D.R. Horton, America's Builder, the largest builder in the United States. There will be an opportunity to ask questions on today's call. [Operator instructions] I will now turn the call over to Jessica Hansen, vice president of investor relations for D.R.
Horton.
Jessica Hansen -- Vice President, Investor Relations
Thank you, Paul, and good morning. Welcome to our call to discuss our results for the first quarter of fiscal 2023. Before we get started, today's call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Although D.R.
Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date of this conference call, and D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements.
Additional information about factors that could lead to material changes in performance is contained in D.R. Horton's annual report on Form 10-K, which is filed with the Securities and Exchange Commission. This morning's earnings release can be found on our website at investor.drhorton.com, and we plan to file our 10-Q tomorrow. After this call, we will post updated investor and supplementary data presentations to our investor relations site on the presentations section under news and events for your reference.
Now, I will turn the call over to David Auld, our president and CEO.
David Auld -- President and Chief Executive Officer
Thank you, Jessica, and good morning. I am pleased to also be joined on this call by Mike Murray and Paul Romanowski, our executive vice presidents and co-chief operating officers; and Bill Wheat, our executive vice president and chief financial officer. The D.R. Horton team delivered a solid first quarter, highlighted by earnings of $2.76 per diluted share.
Our consolidated pre-tax income was $1.3 billion on a 3% increase in revenue, with a pre-tax profit margin of 17.5%. Our homebuilding return on inventory for the trailing 12 months ended December 31st was 39.5%, and our consolidated return on equity for the same period was 31.5%. Beginning in June 2022 and continuing through today, we have seen a moderation in housing demand due to affordability challenges caused by the significant rise in mortgage rates, coupled with high inflation and general economic uncertainty. Despite these pressures, we still closed over 17,000 homes and sold more than 13,000 homes in what is typically the seasonally slowest quarter of the year.