Industry News

Home builder D.R. Horton earnings shatter records

Company raises 2006 outlook
Published on Nov 16, 2005

D.R. Horton, one of the nation's largest home builders, today reported the highest quarterly and annual earnings in the company's history and raised its 2006 earnings guidance. The company's stock (NYSE:DHI) was up approximately 2 percent on the news, trading at $32.98 a share this morning. Net income for the fourth quarter ended Sept. 30 increased 61 percent to $563.8 million, or $1.77 per diluted share, and fourth-quarter consolidated revenue was up 45 percent to $5.1 billion from the same period a year ago. Homes closed increased 38 percent to 18,622 homes during the fourth quarter. For the fiscal year ended Sept. 30, net income increased 51 percent to $1.5 billion, or $4.62 per diluted share, and consolidated revenue was up 28 percent to $13.9 billion. Homes closed for the full fiscal year climbed 17 percent to 51,172 homes. The company's sales order backlog of homes under contract was a fiscal year-end record $5.8 billion, or 19,244 homes, up 28 percent from $4.6 billion...

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