D.R. Horton, Inc. (NYSE:DHI) delivered 18 percent growth in homes closed in value to $3.2 billion in second quarter while in unit terms, it increased 15 percent to 10,685. The company’s net sales orders also advanced 17 percent in value to $4.2 billion whereas unit-wise, the growth was 14 percent in homes to 13,991. As a result, its earnings and the top line came in above the estimates.
D.R. Horton reported net income of $229.2 million or 60 cents a share in the second quarter, up from $195.1 million or 52 cents a share in the year-ago quarter. EPS came in above estimates by a penny.
Home building revenue grew 17 percent to $3.2 billion from $2.7 billion, which is above the analysts’ expectations of $3.09 billion.
The company’s chairman, Donald Horton, reacted to the results to comment, The spring selling season is going well, as the value of our net sales orders increased by 52% sequentially from the December quarter and 17% from the March quarter last year. These results reflect the strength of our experienced operational teams, diverse product offerings through our family of brands and good market conditions across our broad national footprint.”
Moving ahead, D.R. Horton lifted its consolidated revenue outlook to $13.6 – $14.0 billion from $13.4 – $13.8 billion for fiscal year 2017. Similarly, the company boosted its homes closed forecast to 44,500 – 46,000 homes from 43,500 – 45,500 homes.