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Wednesday, March 3, 2021

D.R. Horton reports second quarter profit

ARLINGTON, Texas (AP) _ D.R. Horton Inc. (DHI) on Thursday reported fiscal second-quarter profit of $351.3 million.

The Arlington, Texas-based company said it had profit of 93 cents per share.

The results surpassed Wall Street expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.

The homebuilder posted revenue of $4.13 billion in the period. Its adjusted revenue was $4.1 billion, also surpassing Street forecasts. Eighteen analysts surveyed by Zacks expected $4.03 billion.

D.R. Horton shares have climbed 35 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 17 percent. The stock has risen nearly 7 percent in the last 12 months.

The company had 32,100 homes in inventory excluding model homes at March 31, 2019, and its homebuilding land and lot portfolio was 316,400 lots, of which 38% were owned and 62% were controlled through land purchase contracts.

The company ended the second quarter with $557.3 million of homebuilding unrestricted cash and a homebuilding debt to total capital ratio of 22.9%. Homebuilding debt to total capital consists of homebuilding notes payable divided by stockholders’ equity plus homebuilding notes payable.

Donald R. Horton, chairman of the board, said, “The D.R. Horton team delivered solid results in our second quarter. Our consolidated revenues increased 9% to $4.1 billion, and our pre-tax profit margin was 11.2%. The spring selling season is going well, as our net sales orders increased 52% sequentially from the December quarter and 6% from the March quarter last year. These results reflect the strength of our experienced operational teams, industry-leading market share, broad geographic footprint and affordable product offerings across multiple brands.”

After D.R. Horton reported its earnings, Bloomberg reported homebuilder stocks slipped after sale of previously owned homes fell in March.

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

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