ARLINGTON, Texas (AP) _ D.R. Horton Inc. (DHI) on Tuesday reported fiscal third-quarter net income of $630.7 million.
On a per-share basis, the Arlington-based company said it had net income of $1.72.
The results surpassed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.
The homebuilder posted revenue of $5.39 billion in the period, which also beat Street forecasts. Fifteen analysts surveyed by Zacks expected $5.03 billion.
D.R. Horton shares have risen 26% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has climbed 50% in the last 12 months.
“The D.R. Horton team delivered record results in the third fiscal quarter of 2020, including a 38% increase in net sales orders to 21,519 homes, a 25% increase in consolidated pre-tax income to $782.4 million and a 10% increase in revenues to $5.4 billion,” said Donald R. Horton, Chairman of the Board. “Our pre-tax profit margin for the quarter improved 170 basis points to 14.5%, while our EPS increased 37% to $1.72 per diluted share. These results reflect the strength of our experienced operational teams, industry-leading market share, broad geographic footprint and diverse product offerings across multiple brands.
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