ARLINGTON, Texas (AP) _ D.R. Horton Inc. (DHI) on Thursday reported fiscal second-quarter profit of $929.5 million.
On a per-share basis, the Arlington, Texas-based company said it had profit of $2.53.
The results topped Wall Street expectations. The average estimate of 20 analysts surveyed by Zacks Investment Research was for earnings of $2.20 per share.
The homebuilder posted revenue of $6.45 billion in the period, which also beat Street forecasts. Fifteen analysts surveyed by Zacks expected $6.15 billion.
D.R. Horton expects full-year revenue in the range of $26.8 billion to $27.5 billion.
D.R. Horton shares have risen 35% since the beginning of the year, while the S&P’s 500 index has climbed 11%. The stock has more than doubled in the last 12 months.
“The D.R. Horton team delivered strong results in the second fiscal quarter of 2021, highlighted by EPS increasing 95% to $2.53 per diluted share,” said Donald R. Horton, Chairman of the Board. “Our consolidated pre-tax income increased 90% to $1.2 billion on a 43% increase in revenues to $6.4 billion and a 450 basis point increase in our pre-tax profit margin to 18.3%. Our net sales orders increased 35% to 27,059 homes, while our homes in inventory increased 38% to 46,100 homes. These results reflect our experienced teams and production capabilities, industry-leading market share, broad geographic footprint and diverse product offerings across multiple brands.
“Housing market conditions remain very robust, and we are focused on maximizing returns and improving capital efficiency in each of our communities while increasing our market share. Our strong balance sheet, liquidity and low leverage provide us with significant financial flexibility. We plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company, including returning capital to our shareholders through both dividends and share repurchases on a consistent basis.”
FWBP Staff contributed to this report.