DR Horton Posts 5th Straight Quarterly Profit
DR Horton Posts 5th Straight Quarterly
Profit
Homebuilder DR Horton issued its fiscal second-quarter results Monday, surpassing Wall Street expectations in both earnings and revenue as Americans cautiously returned to the new home buying market. Shares of the Fort Worth, Texas home builder nonetheless fell over 2 percent in the first few hours of trading Monday amid a broad-based market decline.
In the three months ended March 31st, DR Horton's net income totaled $40.6 million, or 13 cents a share, a stout improvement from the builder's earnings of $27.8 million, or 9 cents a share, in the same period a year earlier. The profit also surpassed Wall Street expectations, as a group of economists in a recent Bloomberg poll projected earnings of 3 cents per share on average. It also marks the fifth straight quarter in which DR Horton posted a profit.
The US Commerce Department is slated to issue a report on new home sales in March on Tuesday. Economists have projected the report will show that sales rose to a 318,000 annual pace, which would represent a 1.6 percent increase over February's numbers and a 4.3 percent year-to-year gain. DR Horton's quarterly report backed up those expectations, as the builder posted sales growth in each of the regions in which it operates.
Compared to the year-ago period, DR Horton's revenue for the first three months of the year surged more than 25 percent to $935 million as orders increased 19 percent to a total of 5,900 units. The builder's backlog of properties currently being built, meanwhile, rose 17 percent to nearly 6,200. The number of home sales closed by the builder during the quarter was 4,240, up 21 percent from a year ago.
Homebuilder DR Horton issued its fiscal second-quarter results Monday, surpassing Wall Street expectations in both earnings and revenue as Americans cautiously returned to the new home buying market. Shares of the Fort Worth, Texas home builder nonetheless fell over 2 percent in the first few hours of trading Monday amid a broad-based market decline.
In the three months ended March 31st, DR Horton's net income totaled $40.6 million, or 13 cents a share, a stout improvement from the builder's earnings of $27.8 million, or 9 cents a share, in the same period a year earlier. The profit also surpassed Wall Street expectations, as a group of economists in a recent Bloomberg poll projected earnings of 3 cents per share on average. It also marks the fifth straight quarter in which DR Horton posted a profit.
The US Commerce Department is slated to issue a report on new home sales in March on Tuesday. Economists have projected the report will show that sales rose to a 318,000 annual pace, which would represent a 1.6 percent increase over February's numbers and a 4.3 percent year-to-year gain. DR Horton's quarterly report backed up those expectations, as the builder posted sales growth in each of the regions in which it operates.
Compared to the year-ago period, DR Horton's revenue for the first three months of the year surged more than 25 percent to $935 million as orders increased 19 percent to a total of 5,900 units. The builder's backlog of properties currently being built, meanwhile, rose 17 percent to nearly 6,200. The number of home sales closed by the builder during the quarter was 4,240, up 21 percent from a year ago.
Comments
Top Stories
Latest DT's
-
2 months ago by Geno -
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
3 months ago by Geno
-
3 months ago by Geno
-
3 months ago by Geno
Top Authors
Subscribe
Games
Alias
3 Foot Ninja 2
ALIAS 2
Air Dodge
Battle Tanks
Bomber Bob
Cable Capers
Gem Mania
Hacker
Hostile Skies
Mission Mars
Bowling
Samurai Warrior
The Pharoh's Tomb
Monkey Lander
Muay Thai
Action
Donkey Kong Banana Barrage
501 Dart Challenge
Rooftop Skater
Zelda
Donkey Kong
Xtreme Pinball
Tetris
Connect 4
Battleships
Frogger
Penguin Push
Online Video Poker
Spank The Monkey
Mob Pay Back
Dealer
Yeti Sports Seal Bounce
Hold Your Drink Steady
Solitaire
Canyon Glider
3D Sudoku
Metal Slug Rampage
Street Fighter II
Flashman
Disc Golf
Table Tennis
Ninja Air Combat
Celebrity Hitman Terrorist Alert
Spider Solitaire
Tubin
Presidential Knockout
Global Player
Ma Balls
Baseball
Beckham Fit
0 Comments
Click here to sign up now.