D.R. Horton Reports Orders, Profit Climb
21 July 2016 - 9:30PM
Dow Jones News
D.R. Horton Inc. said new home orders rose more than analysts
were expecting and profit grew 13% in the latest quarter, as the
U.S. housing market remains strong.
New orders increased 13% to 11,714 homes in the three months
ended in June. Analysts polled by FactSet expected 11,610.
Home-building in the U.S. rebounded in June, a sign demand for
housing is firm heading into the second half of the year. Housing
starts rose 4.8% from a month earlier, the Commerce Department said
Tuesday.
D.R. Horton Chairman Donald Horton said the company's "robust"
lot supply and inventory of homes available for sale make the
company "well-positioned" for its current quarter, which ends in
September.
Over all for the June period, D.R. Horton reported profit of
$249.8 million, or 66 cents a share, compared with $221.4 million,
or 60 cents a share, in the year-earlier period.
Overall revenue grew 9.5% to $3.23 billion. Analysts polled by
Thomson Reuters expected earnings of 66 cents a share on revenue of
$3.25 billion.
Shares, which were inactive in recent premarket trading, have
climbed 27% in the past 12 months.
Home builder PulteGroup Inc. is slated to also report results
for its most recent quarter Thursday.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
July 21, 2016 07:15 ET (11:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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