D R Horton Costs Rise, Earnings Fall Short

D.R. Horton Inc. DHI reported earnings this morning,showing EPS of $0.45 on revenues of $2.4 billion. Analysts had been expecting EPS of $0.48 and $2.38 billion in revenue, so the company missed on earnings but beat on revenues. This compares to EPS of $0.40 on revenue of $1.8 billion from a year earlier. Home sales came in at 8,612, a rise from 6,866 in the fourth quarter of 2013. The sales order backlog grew to nearly 10,000 versus 8,205 a year ago, with a total value of 2.2 billion. Rising costs were blamed for the EPS miss, as the cost of sales rose nearly 26 percent. Shares of DHI are trading lower by nearly 1 percent at 23.20 in pre-market trading. Tomorrow morning Beazer Homes BZH will report, with expectations of 1.08 in earnings.