D.R. Horton Profit Up, Tops Estimates; Lifts FY16 Margin View - Quick Facts

(RTTNews) - Home builder D.R. Horton Inc. (DHI) reported Thursday that its second-quarter net income increased 32 percent to $195.1 million or $0.52 per share from $147.9 million or $0.40 per share a year ago.

On average, 19 analysts polled by Thomson Reuters expected earnings of $0.47 per share. Analysts' estimates typically exclude special items.

Homebuilding revenue for the second quarter increased 16 percent to $2.70 billion from $2.34 billion in the same quarter of fiscal 2015. Analysts expected revenues of $2.69 billion for the quarter.

Homes closed increased 16 percent in value to $2.7 billion and 12 percent in homes to 9,262. The Company's cancellation rate was 19 percent.

Net sales orders increased 13 percent in value to $3.6 billion and 10 percent in homes to 12,292.

Sales order backlog grew 14 percent in value to $4.1 billion and 12 percent in homes to 13,695.

Further, D.R. Horton increased its fiscal 2016 guidance for consolidated pre-tax profit margin to a range of 10.7 percent to 11.2 percent from its prior guidance of 10.5 percent to 11.0 percent.

The company reaffirmed fiscal 2016 guidance for consolidated revenues of $12.0 billion to $12.5 billion and homes closed between 39,500 homes and 41,500 homes. Analysts expect revenues of $12.19 billion.