D.R. Horton beats expectations with fiscal 3Q earnings

In this Sept. 16, 2010 photo, DR Horton homes are advertised at a construction site in Milpitas, Calif. D.R. Horton Inc. said Friday, Nov. 12, 2010, its loss narrowed in its fiscal fourth quarter, as the homebuilder took fewer writedowns on the value of its properties. (AP Photo/Paul Sakuma)

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.

- FWBP Digital Partners -

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.


- Advertisement -

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