D.R. Horton’s Q2 Profit Up As Orders Climb
FORT WORTH (AP) - Homebuilder D.R. Horton Inc.’s fiscal second-quarter profit rose 46 percent as orders increased and it completed more home sales.
The Fort Worth, Texas, company reported on Monday that its net income rose to $40.6 million, or 13 cents per share, for the three months ended March 31. That compares with $27.8 million, or 9 cents per share, in the prior-year period.
The performance easily topped the 4 cents per share that analysts polled by FactSet expected.
D.R. Horton’s stock gained 22 cents to $15.60 in premarket trading.
Revenue increased 28 percent to $935.6 million from $733.1 million, handily beating Wall Street’s $853.5 million forecast.
Closings climbed 21 percent to 4,240 homes from 3,516 homes. Orders rose 19 percent to 5,899 homes from 4,943 homes. Its cancellation rate was 22 percent.
The backlog of homes under contract at quarter’s end increased 17 percent to 6,189 homes from 5,281 homes a year earlier. Backlog represents future potential revenue for homebuilders.
D.R. Horton also declared a quarterly dividend of 3.75 cents per share. The dividend will be paid on May 22 to shareholders of record on May 8.
The company has operations in 73 markets in 25 states in the East, Midwest, Southeast, South Central, Southwest and West regions of the U.S.
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