Apr 22, 2016
Don’t underestimate entry level, D.R. Horton boosts sales DFW
FORT WORTH - Fort Worth-based D.R. Horton, the nation’s largest homebuilder, reported fiscal second-quarter earnings that beat analysts’ estimates as it increased sales amid a tight inventory of properties on...
FORT WORTH – Fort Worth-based D.R. Horton, the nation’s largest homebuilder, reported fiscal second-quarter earnings that beat analysts’ estimates as it increased sales amid a tight inventory of properties on the market.
Net income for the three months ending March 31 climbed to $195.1 million, or 52 cents a share, from $147.9 million, or 40 cents, a year earlier, the company reported.D.R. Horton has boosted sales with the help of its entry-level Express Brand, which appeals to buyers facing a tight market of existing homes listed for sale.
There were 1.98 million houses on the market at the end of March, down 1.5 percent from a year earlier, the National Association of Realtors reported Wednesday.
Homebuilding revenue rose 16 percent to $2.7 billion, D.R. Horton said. Home sales completed in the quarter climbed 12 percent to 9,262, and orders increased 10 percent by volume.
D.R. Horton forecasts full-year pretax profit margin between 10.7 and 11.2 percent compared with prior guidance of 10.5 to 11 percent.
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