DR Horton Reports Earnings, Revenue That Beat Expectations Amid Strong Housing Market

DR Horton (DHI), the biggest home builder in the US, capitalized in the third quarter on a strong housing market, reporting earnings and revenue that beat expectations.

The company said earnings came in at $1.18 per share, up from $0.76 per share in the same period a year ago, exceeding the estimate of $1.08 from analysts polled by Capital IQ. Revenue was reported at $4.44 billion, up from $3.78 billion in the same period a year ago and above the Street projection of $4.32 billion.

DR Horton said it now expects consolidated pre-tax profit margin at 12.7% to 12.9% from a prior outlook of 12.1% to 12.3%.

In the nine months through June 30, the company said net income was up 37% to $994 million, or $2.59 a share, versus $725 million, or $1.92 a share, during the same timeframe a year earlier. Home building revenue in the first three quarters of 2018 rose 16% to $11.2 billion from $9.7 billion a year earlier. Homes closed increased 14% to 37,183 versus the same period of fiscal 2017.

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