One of the nation’s largest home builders, D.R. Horton, on Thursday reported net earnings climbed 48 percent to $371.7 million, or $1.17 a share, for the quarter ended June 30.
Third-quarter consolidated revenue increased 21 percent to $3.4 billion, from $2.8 billion in the third quarter of fiscal year 2004. Homes closed in the third quarter were up 11 percent to 12,269 homes from 11,050 homes a year ago.
For the nine months ended June 30, net income increased 45 percent to $906.7 million, or $2.85 per diluted share, compared to $625.5 million, or $1.98 per diluted share, for the same period of fiscal year 2004.
Consolidated revenue for the nine months increased 20 percent to $8.8 billion, from $7.3 billion for the same period of fiscal year 2004. Homes closed in the nine-month period increased 8 percent to 32,550 homes from 30,115 homes for the same period of fiscal year 2004.
As previously reported, net sales orders for the third quarter ended June 30, were the highest quarterly sales in the company’s history, increasing 29 percent to $4.1 billion (14,980 homes), compared to $3.2 billion (12,444 homes) for the same quarter of fiscal year 2004. Net sales orders for the first nine months of fiscal 2005 increased 27 percent to $10.9 billion (39,282 homes), compared to $8.6 billion (34,158 homes) for the same period of fiscal 2004.
The company’s backlog of homes under contract at June 30, totaled a record $7 billion (23,916 homes), up 36 percent from $5.2 billion (19,531 homes) at June 30, 2004.
The company set all-time quarterly records for net income, gross profit margin, sales units, sales dollars and sales order backlog, Chairman Donald R. Horton said. “Our record backlog and continued sales momentum ensure that fiscal year 2005 will be our 28th consecutive year of increased growth and profitability, and position the company for a strong start to another record year in fiscal 2006,” he said.
Founded in 1978 in Fort Worth, Texas, D.R. Horton has expanded its presence to include 71 markets in 23 states in the Midwest, Mid- Atlantic, Southeast, Southwest and Western regions of the United States.
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