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D.R. Horton, Inc.
reported 32% increase in net income to $195.1 million or $0.52 a share in the second quarter from $147.9 million or $0.40 a share in the year-ago quarter. The earnings topped the Street analysts' predictions by $0.05 a share.
The company's revenues grew 16% to $2.7 billion from $2.3 billion in the previous year quarter, which was in line with the Street expectations of $2.69 billion.
D.R. Horton said that its net sales orders advanced 13% in value to $3.6 billion and 10% in homes to 12,292 in the second quarter. The company also indicated that homes closed in the quarter grew 16% in value to $2.7 billion and 12% in home to 9,262. Its sales order backlog also advanced 14% in value to $4.1 billion and 12% in homes to 13,695.
The company's Chairman of the Board, Donald Horton, said, "The spring selling season is off to a great start at D.R. Horton. Our team delivered a strong second quarter, highlighted by $300.5 million of pre-tax income on $2.8 billion of revenues. Our pre-tax profit margin improved 130 basis points from the prior year quarter to 10.9%. The number and dollar value of our homes sold, closed and in backlog all increased by double-digit percentages. Our net sales orders in the March quarter increased 52% sequentially from the December quarter and 10% from the March quarter last year."
The chairman said further that "Solid performance in our three core brands is enabling us to capitalize on market opportunities and expand our industry-leading market share. With a sales backlog of 13,695 homes at the end of March and a robust lot supply and inventory of homes available for sale, we are well-positioned for the second half of fiscal 2016. We remain focused on growing our revenues and pre-tax profits at a double-digit annual pace, while generating positive cash flows and improved returns."
Moving ahead, D.R. Horton reaffirmed its 2016 year outlook of consolidated revenues between $12.0 and $12.5 billion. Street analysts expect the company to generate revenue of $12.19 billion. The company also guided homes closure of 39,500 – 41,500 homes with gross margin in the high 19s to 20%. It also reiterated cash flow from operations of $300 - $500 million.
On Wednesday, the stock ended up by 0.45%.
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