D.R. Horton rose 2% after it handily beat Wall Street’s fiscal first-quarter earnings forecasts due to strong demand for homes. The company, which is one of the nation’s largest homebuilders, reported a 14% jump in revenue during the period on an increase in the number and value of home closings. “We continue to see good demand and a limited supply of homes at affordable prices across our markets, and economic fundamentals and financing availability remain solid,” said Chairman Donald R. Horton, in a statement.
D.R. Horton also raised its revenue forecast for the fiscal year. The Arlington-based company and its peers have been benefiting from historically low mortgage rates while high demand boosts real estate prices. Its stock rose 25% in 2019 and is already up 14.7% so far in 2020