Over 10 years we help companies reach their financial and branding goals. Maxbizz is a values-driven consulting agency dedicated.

Gallery

Contact

+1-800-456-478-23

411 University St, Seattle

maxbizz@mail.com

DR Horton quarterly profit nearly doubles as sales rise

DR Horton quarterly profit nearly doubles as sales rise

A D.R. Horton home building project is pictured in San Marcos, California July 28, 2015. REUTERS/Mike Blake

D.R. Horton Inc (DHI.N) raised its full-year outlook for home deliveries and reported a better-than-expected quarterly profit, as strong housing demand and low mortgage rates boosted the top U.S. homebuilder’s sales.

The U.S. housing sector has seen a sharp rebound from the coronavirus crisis, as more people worked from home and schools shifted to online classes.

“Housing market conditions remain very robust, and we are focused on maximizing returns,” Chairman Donald Horton said.

Home orders, an indicator of future revenue, jumped 35% to 27,059 in the second-quarter ended March 31, beating analysts’ average estimate of 23,239 homes, according to IBES data from Refinitiv.

Deliveries jumped about 36% to 19,701 homes in the quarter.

D.R. Horton said it now expects full-year home deliveries between 82,500 and 84,500, up from 80,000 to 82,000 forecast previously.

Net income attributable to the company rose to $929.5 million, or $2.53 per share, in the second quarter ended March 31, from $482.7 million, or $1.30 per share, a year earlier.

The company’s profit was hit last year due to the COVID-19 pandemic.

Revenue rose 43% to $6.45 billion.

Analysts on average expected D.R. Horton to report a profit of $2.15 per share on revenue of $6.11 billion.

Our Standards: The Thomson Reuters Trust Principles.

Leave a comment

Your email address will not be published. Required fields are marked *

4 + nine =