Homebuilder D.R. Horton net income rises 18%
"Housing market conditions remain favorable"
Homebuilder D.R. Horton (DHI) recorded a net income for its second fiscal quarter ended March 31, 2014 of $131 million, or 38 cents per diluted share, increasing from $111.0 million, or 32 cents per diluted share in the same quarter of fiscal 2013.
The Fort Worth, Texas based homebuilder’s revenue for the second quarter increased 22% to $1.7 billion from $1.4 billion for the same quarter a year ago.
In addition, homes closing in the quarter increased 10% to 6,194, compared to 5,643 homes in the year ago quarter.
"Our homebuilding and financial services operations delivered a great quarter, highlighted by pre-tax income of $201.9 million and a pre-tax income margin of 11.6%. The dollar value of our homes sold, closed and in backlog all increased by double-digit percentages,” Donald Horton, chairman of the board, said.
Meanwhile, net sales orders for the second quarter ticked up 9% to 8,569 homes from 7,879 homes in the year-ago quarter and the value of net sales orders increased 20% to $2.4 billion from $2.0 billion.
“Housing market conditions remain favorable, and as expected, the pace and strength of the improvement varies significantly across our local operating markets. Our broad geographic footprint, diversified product offerings, solid balance sheet and robust finished lot supply put us in a strong position to capture demand and increase revenues and profitability in the second half of our fiscal year," Horton added.