D.R. Horton Inc. (DHI) on Thursday reported fiscal third-quarter net income of $249.8 million.
On a per-share basis, the Fort Worth-based company said it had net income of 66 cents.
The results met Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was also for earnings of 66 cents per share.
The homebuilder posted revenue of $3.23 billion in the period, up 9 percent from a year earlier, but falling short of Street forecasts. Seventeen analysts surveyed by Zacks expected $3.29 billion. Home sales completed in the quarter climbed 9 percent to 10,739.
D.R. Horton shares have climbed slightly more than 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 6 percent. The stock has increased 28 percent in the last 12 months.
D.R. Horton, the largest U.S. homebuilder, reported an increase in fiscal third-quarter earnings as a limited number of existing properties on the market helped fuel demand for new houses.
Net income for the three months through June climbed to $249.8 million, or 66 cents a share, from $221.4 million, or 60 cents, a year earlier, the company said in a statement Thursday. The average estimate of 12 analysts was for earnings of 65 cents a share, according to data compiled by Bloomberg.