Higher Home Sales Boost D.R. Horton Revenue
D.R. Horton Inc, the largest U.S. homebuilder by number of homes sold, reported a higher-than-expected 37 percent jump in quarterly revenue as it delivered more homes.
The company's shares rose 6 percent in premarket trading on Monday.
D.R. Horton said homes sold rose 29 percent to 7,973 in the first quarter ended Dec. 31. Net sales orders, an indicator of future revenue, rose 35 percent during the period.
D.R. Horton was well-positioned to capture demand in the all-important spring selling season, Chairman Donald Horton said in a statement.
The spring selling season - the April through June quarter - is to the real estate market what holiday season sales are to retailers.
The company's net income rose to $142.5 million, or 39 cents per share, in the first quarter ended Dec. 31, from $123.2 million, or 36 cents per share, a year earlier.
Homebuilding revenue rose to $2.24 billion from $1.63 billion.
Analysts on average had expected a profit of 34 cents on revenue $2.08 billion, according to Thomson Reuters I/B/E/S.
D.R. Horton's shares closed at $23.10 on the New York Stock Exchange on Friday.
Up to Friday's close, the stock had risen about 11 percent in the past 12 months, while the Dow Jones U.S. Home Construction index gained about 9 percent. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)