Publication Date:
Mon, 2012-04-23 14:42
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D.R. Horton's 46 percent year-over-year earnings increase for the second quarter of 2012 was largely driven by its home building revenue, which rose 28 percent.
D.R. Horton reported a year-over-year earnings jump of 46 percent in the second quarter of 2012, posting totals of $40.6 million for the quarter, which comes to 13 cents a share, according to HousingWire [1]. The company nearly doubled the expected earnings per share estimates of analysts, who predicted stocks would settle at 7 cents a share.
The national home builder — based out of Fort Worth, Texas — attributed most of its success to the building and financial services portions of the business. Home-building revenue rose 28 percent in the quarter ending March 31 from the same period in 2011; the number of closes climbed 21 percent, while net sales orders rose 19 percent. The total value of net sales orders also increased, rising 28 percent.
Reports show D.R. Horton is in position to maintain this success, as the sales order backlog rose 17 percent during the quarter as well; the cumulative value of the backlog increased by 25 percent.
To read the rest of the story, click here [1].
