Industry News

Home builder D.R. Horton earnings shatter records

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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...