Industry News

Home builder reports record earnings

D.R. Horton's net income grows 52% from a year ago
Published on Nov 12, 2004

Home builder D.R. Horton Inc. on Wednesday reported its highest quarterly and annual earnings in company history. Net income for the fourth quarter ended Sept. 30, 2004, increased 52 percent to $349.6 million ($1.47 per diluted share), from $230.7 million ($0.98 per diluted share) for the same quarter of fiscal 2003. Fourth-quarter consolidated revenue increased 23 percent to $3.5 billion, from $2.9 billion in the fourth quarter of fiscal 2003. Homes closed increased 17 percent to 13,452 homes from 11,527 homes in the year-ago quarter. For the fiscal year ended Sept. 30, 2004, net income increased 56 percent to $975.1 million ($4.11 per diluted share), compared to $626 million ($2.73 per diluted share) for fiscal 2003. Consolidated revenue for the year increased 24 percent to $10.8 billion, from $8.7 billion for fiscal 2003. Homes closed increased 21 percent to 43,567 homes from 35,934 homes in fiscal 2003. The company's sales backlog of homes under contract at Sept. 30, 2004 w...

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