D.R. Horton’s homebuilding revenue grows 33%

Beats revenue expectations

Texas homebuilder D. R. Horton (DHI) reported net income for the fourth fiscal quarter ended Sept. 30, 2014 of $166.3 million, or $0.45 per diluted share, compared to $139.5 million, or $0.40 per diluted share, in the same quarter of fiscal 2013.

Also on the rise, homebuilding revenue for the fourth quarter of fiscal 2014 increased 33% to $2.4 billion from $1.8 billion in the same quarter of 2013.

Homes closed in the quarter increased 25% to 8,612, compared to 6,866 homes in the year-ago quarter.

Although earnings per share missed analyst expectations by $0.03, revenue beat expectations by $40 million.

Meanwhile, pre-tax income for its fourth fiscal quarter increased 24% to $250.8 million.

The quarterly results included $21.3 million of pre-tax inventory and land option charges to cost of sales, compared to $27.1 million in the same quarter of fiscal 2013.

“With the largest market share in company history and 46% more homes closed than any other builder in the most recently reported 12-month period, D.R. Horton has solidified its position to be the nation’s largest builder for the 13th consecutive year in calendar 2014,” said Donald R. Horton, chairman of the board.

In addition, net sales orders for the fourth quarter increased 38% to 7,135 homes from 5,160 homes in the year-ago quarter, and the value of net sales orders increased 41% to $2 billion from $1.4 billion.

The company has declared a quarterly cash dividend of $0.0625 per common share. The dividend is payable on Dec. 15, 2014, to stockholders of record on Dec. 1, 2014.

“We are well-positioned to continue to grow both our revenues and pre-tax profits at a double-digit pace with our solid balance sheet, industry-leading market share, broad geographic footprint, diversified product offerings across our three brands and our inventories of homes and finished lots. With a 29% increase in our beginning backlog value and a greater than 20% year-over-year increase in our October net sales orders, we are off to a great start in fiscal 2015,” Horton said. 

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