Fort Worth-based homebuilder D.R. Horton (DHI) posted a third-quarter profit of $787.8 million, or $2.22 a share, for the period ending June 30.

That is up from a profit of $28.7 million, or 9 cents a share, for the same quarter a year earlier. The company attributes the boon in earnings to a non-cash benefit of $716 million on the reduction its of valuation allowance for a deferred tax asset.

Homebuilding revenue for the third-quarter also shot up 14%, hitting $1.1 billion, compared to $975.4 million in the same quarter a year earlier.

The number of home closings for the period also increased 9%, hitting 4,957 units from 4,555 a year ago.

Home sales orders for the third quarter increased 25% to 6,079 homes from 4,874 in the same quarter a year ago.

kpanchuk@housingwire.com