Fort Worth-based D.R. Horton Inc. (DHI), saw prices and orders increase during its fiscal second quarter.
D.R.Horton, the largest U.S. homebuilder by revenue, said net income increased to $131 million, or 38 cents a share, in the three months ended March 31, compared with $111 million, or 32 cents, a year earlier. Analysts were expecting earnings of about 34 cents a share. Homebuilding revenue for the company increased to $1.7 billion in the fiscal second quarter from $1.39 billion a year earlier. The company said it sold 6,194 homes, up from 5,643 a year earlier. Orders for new homes increased to 8,569 from 7,879.
“Housing market conditions remain favorable, and as expected, the pace and strength of the improvement varies significantly across our local operating markets,” said Donald R. Horton, chairman of the board,, in a statement. “Our broad geographic footprint, diversified product offerings, solid balance sheet and robust finished lot supply put us in a strong position to capture demand and increase revenues and profitability in the second half of our fiscal year.” “Our homebuilding and financial services operations delivered a great quarter, highlighted by pre-tax income of $201.9 million and a pre-tax income margin of 11.6 percent,” he said.
Horton also noted that the dollar value of the company’s homes sold, closed and in backlog all increased by double-digit percentages and that the company’s net sales orders in the March quarter were up 57 percent sequentially from the December quarter and up 9 percent from the March quarter last year. Average sales prices were up too, increasing 10 percent to $278,900.