Classification and disclosure timing of listed companies' financial reports

I. Classification of Listed Companies’ Financial Reports Listed companies are required to disclose the following periodic reports: 1. Annual report and fourth-quarter report; 2. Semi-annual report (half-year report); 3. Quarterly reports (first-quarter report and third-quarter report). II. Disclosure Timing of Listed Companies’ Financial Reports Listed companies must disclose periodic reports including annual reports, semi-annual reports, and quarterly reports. — Annual reports must be disclosed within four months after the end of each fiscal year (i.e., January–April); — Semi-annual reports (half-year reports) must be disclosed within two months after the end of the first half of each fiscal year (i.e., July–August); — Quarterly reports must be prepared and disclosed within one month after the end of the third and ninth months of each fiscal year (i.e., April and October, respectively). Specific deadlines are as follows: 1. Annual report disclosure period: January 1 – April 30 each year; 2. Semi-annual report disclosure period: July 1 – August 30 each year.

Who is DR Horton—the homebuilder recently added to Warren Buffett’s portfolio?

By the late 1990s, DR Horton had achieved 21 consecutive years of growth in revenue, number of homes built, and quarterly net profit. Revenue rose from $869 million in 1995 to $1.5 billion in 1997, and further to $3.1 billion in 1999—the year Professional Builder named DR Horton its ‘Builder of the Year.’ In 2000, the company became the third-largest homebuilder in the U.S., operating 50 divisions across 23 states. Aggressive expansion continued into the new millennium. In 2002, capitalizing on an industry downturn, DR Horton expanded countercyclically, generating $6.7 billion in revenue and selling 29,761 homes; its net profit exceeded $400 million—a 57% increase over 2001. It was from this year onward that DR Horton ascended to—and has since retained—the top spot in U.S. homebuilding volume. To sustain expansion, the company maintained high leverage. Around the turn of the millennium, DR Horton’s net interest-bearing debt ratio consistently exceeded 50%, with several quarters surpassing 60%—significantly higher than the industry average of approximately 40%. Repeated success in acquiring assets at bargain prices during minor industry downturns after its IPO inflated management’s confidence, causing it to overlook cyclical shifts. When the industry truly peaked in 2006, the company doubled down instead of retreating—adding roughly $3.1 billion in investments—leading to severe cash shortages and weakened solvency, ultimately resulting in heavy losses during the subprime mortgage crisis. Post-Subprime Crisis (2007–2019): Deleveraging, Risk Control, and Cash Preservation Following the outbreak of the subprime crisis, home sales plummeted. DR Horton’s high-leverage, high-turnover business model proved unsustainable amid the sudden market freeze. Unable to collect receivables, the company faced crushing debt pressure and resorted to steep price cuts on homes and fire-sale land disposals to survive. In Q4 2007, its home sales volume dropped 52% year-on-year—greater than the industry average decline. Average home sale prices fell cumulatively by 12% for the year, reaching a peak-to-trough decline of 22.8%. In Q3 2008, the company sold land with a book value of $1.8 billion for just $200 million; land sales generated $840 million in cash for the full year. Beyond land-sale proceeds, discounted asset disposals also yielded over $600 million in tax refunds. By year-end 2008, its land inventory had shrunk 70% from peak levels—including a 50% reduction in wholly owned land. These aggressive markdowns and disposals triggered massive asset impairment charges totaling roughly 50% of shareholders’ equity, resulting in a staggering $2.6 billion net loss for the year. In 2009, DR Horton continued reducing land holdings, successfully turning operating cash flow positive and significantly rebuilding its cash reserves. Simultaneously, it repurchased corporate bonds to optimize its capital structure. These proactive measures enabled survival and a swift recovery of positive operating cash flow and debt-servicing capacity. Consequently, the company fundamentally shifted its strategy: deleveraging, risk control, and cash preservation became core tenets. Beginning in 2012, the U.S. housing market showed clear signs of recovery; the share of new home sales in total residential sales rose from 6.7% in 2011 to 11.3% in 2019.

Quaker Houghton Schedules October 29 Earnings Report

Oct 25, 2026

Quaker Houghton will report its third-quarter 2026 financial results after U.S. markets close on October 29. An investor conference call will follow on October 30 at 8 a.m. Eastern Time.

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