Home builder D.R. Horton profits surge

D.R. Horton today reported a first fiscal quarter income of $241 million, or $1.01 per share, up from $185.6 million, or 78 cents a share, the prior year. The fiscal quarter ended Dec. 31, 2004.

The home builder's first-quarter consolidated revenue increased 14 percent to $2.5 billion from $2.2 billion the previous year. Homes closed for the first quarter increased 5 percent to 9,680 homes from 9,242 homes a year ago.

The company reported a record sales contract backlog of $4.8 billion, or 17,405 homes, up 34 percent from $3.6 billion, or 14,480 homes, a year ago. Net sales orders for the quarter increased 31 percent to $2.7 billion, or 9,901 homes, from $2 billion, or 8,234 homes, for the same quarter last year.

Texas-based D.R. Horton delivered more than 43,000 homes in its fiscal year ended Sept. 30, 2004. The company was founded in 1978 and has expanded into 63 markets in 21 states in the Midwest, Mid- Atlantic, Southeast, Southwest and Western regions of the United States.

Prices of D.R. Horton homes range from $80,000 to more than $900,000. The company also provides mortgage financing and title services for home buyers through its mortgage and title subsidiaries.

D.R. Horton shares (NYSE: DHI) traded at $39.97 this morning.

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