Fort Worth-based D.R. Horton (DHI) posted a higher quarterly profit as the builder benefitted from price increases in the midst of a housing recovery. Bloomberg has more on the firm's fiscal fourth quarter:
Net income was $139.5 million, or 40 cents a share, for its fiscal fourth quarter ended Sept. 30, compared with $100.1 million, or 30 cents, a year earlier, the Fort Worth, Texas-based company said in a statement today. The average estimate of 15 analysts was 40 cents a share, data compiled by Bloomberg show.
“D.R. Horton is benefiting from pricing power across the industry,” David N. Williams, an analyst with Williams Financial Group in Dallas, said in a telephone interview before the results were released. “There’s such a lack of supply today that builders are able press the prices, and we have low interest rates so prices can escalate more.”