D.R. Horton lowered its full-year revenue guidance to $32.5 billion to $33 billion, down from a prior target of $33.5 billion to $34.5 billion, as sluggish buyer demand and supply-chain headwinds persist. The fiscal year ends September 30.

The reduction reflects the past nine months of results and current market conditions, with affordability challenges, high material costs and fluctuating mortgage rates continuing to pressure homebuilding sentiment.

For the fiscal third quarter ended June 30, the company posted profit of $904.9 million, down from $1.02 billion a year earlier. Earnings per share came in at $3.20, beating analyst estimates of $2.97.