Industry News

D.R. Horton profits surge on new-home sales

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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 quarterl...