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Real Estate D.R. Horton reports quarterly profit

D.R. Horton reports quarterly profit

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Fort Worth-based D.R. Horton Inc reported a 173 percent jump in quarterly profit for its second fiscal quarter ended March 31, reflecting the increasing strength of the housing market. Net income increased to $111 million, or 32 cents per share, in the second quarter from $40.6 million, or 13 cents per share, a year earlier. Revenue rose 49 percent ot $1.39 billion. Homes closed in the quarter increased 33 percent to 5,643, compared to 4,240 homes in the year-ago quarter. “The spring selling season is off to a strong start at D.R. Horton, with robust demand driving higher sales volumes and favorable pricing, which is reflected in the 14 percent increase in our average selling price,” said Donald R. Horton, chairman, in a statement. “ We are in an excellent position to continue to meet increased sales demand and aggregate market share with 15,800 homes in inventory and 175,000 lots owned or controlled under option contracts, of which 58,000 lots are fully developed. “  

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