Fort Worth-based D.R. Horton Inc. today reported net income for its first fiscal quarter ended Dec. 31, 2015 increased 11 percent to $157.7 million, or $0.42 per diluted share, from $142.5 million, or $0.39 per diluted share, in the same quarter of fiscal 2015.
Homebuilding revenue for the first quarter of fiscal 2016 increased 5 percent to $2.4 billion from $2.3 billion in the same quarter of fiscal 2015. Homes closed in the quarter increased 1 percent to 8,061 homes, compared to 7,973 homes in the prior year quarter.
Net sales orders for the first quarter increased 9 percent to 8,064 homes and 12 percent in value to $2.4 billion, compared to 7,370 homes and $2.1 billion in the prior year quarter. The company’s sales order backlog of homes under contract at Dec. 31, 2015 increased 15 percent to 10,665 homes and 16 percent in value to $3.2 billion, compared to 9,285 homes and $2.7 billion at Dec. 31 of 2014.
“The D.R. Horton team started the year with a strong first quarter, highlighted by $241.3 million of pre-tax income on $2.4 billion of revenues,” said Donald R. Horton, chairman of the board. “Our pre-tax profit margin improved 40 basis points from the prior year quarter to 10 percent. The value of our net sales orders increased by 12 percent, our home sales revenue increased by 4 percent and the value of our sales order backlog increased by 16 percent.”