DR Horton Inc. (NYSE:DHI) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 4.97%.
DR Horton Inc. Earnings Cheat Sheet
Results: Net income increased 139.35% to $66.3 million (20 cents per diluted share) in the quarter versus a net gain of $27.7 million in the year-earlier quarter.
Revenue: Rose 34.57% to $1.22 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: DR Horton Inc. reported adjusted net income of 20 cents per share. By that measure, the company beat the mean analyst estimate of $0.14. It beat the average revenue estimate of $1.1 billion.
Quoting Management: Donald R. Horton, Chairman of the Board, said, “This quarter was our most profitable first quarter since 2007, with $107.9 million of pre-tax income, a 270% increase from the year-ago quarter. We experienced substantial increases in the number of homes sold, closed and in backlog compared to the year-ago quarter. At the same time, our average sales price has increased due to pricing power, geographic mix and larger average home size. As a result, we achieved dollar value increases in homes sold of 60%, homes closed of 38% and backlog of 80%.”