D.R. Horton Inc. (DHI) on Tuesday reported fiscal fourth-quarter profit of $283.6 million.
The Fort Worth-based company said it had profit of 75 cents per share.
The results fell short of Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
The homebuilder posted revenue of $3.74 billion in the period, exceeding Street forecasts. Seventeen analysts surveyed by Zacks expected $3.67 billion.
For the year, the company reported profit of $886.3 million, or $2.36 per share. Revenue was reported as $12.16 billion.
During the fourth quarter of fiscal 2016, the company acquired the homebuilding operations of Wilson Parker Homes for approximately $91.9 million in cash, inclusive of a holdback payment and an estimated post-closing adjustment. Wilson Parker operates in Atlanta and Augusta, Georgia; Raleigh, North Carolina; Columbia, South Carolina; and Phoenix, Arizona. The assets acquired included approximately 380 homes in inventory, 490 lots and control of an additional 1,850 lots through option contracts. The Company also acquired a sales order backlog of 308 homes valued at $74.1 million.
“With 40,309 homes closed in fiscal 2016, D.R. Horton completed its 15th year in a row as the largest builder in the United States,” said Donald R. Horton, chairman of the board. “We generated positive cash flows from operations for a second consecutive year while growing both our revenues and pre-tax profits at a double-digit pace.”
Horton noted that during the fourth quarter, the company expanded its product lineup by introducing a new brand, Freedom Homes, focused on offering affordable homes for the active adult buyer seeking a low-maintenance lifestyle.
D.R. Horton shares have fallen slightly more than 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 4 percent. The stock has dropped slightly in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DHI at https://www.zacks.com/ap/DHI. FWBP’s Robert Francis contributed to this report.