D.R. Horton Q1 Profit Up 86%; Results Beat Estimates - Quick Facts

(RTTNews) - Homebuilder D.R. Horton, Inc. (DHI) Tuesday reported first-quarter net income of $123.2 million or $0.36 per share, significantly up from $66.3 million or $0.20 per share in the previous year.

On average, 22 analysts polled by Thomson Reuters expected the company to earn $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew to $1.64 billion from $1.23 billion a year ago, and beat analysts' estimate of $1.45 billion.

Homes closed increased 33% in value to $1.6 billion and 19% in homes to 6,188. Home sales gross margin increased 350 basis points to 22.3%.

The company has also declared a quarterly cash dividend of $0.0375 per share, to stockholders of record on February 7, 2014, payable on February 18.

Donald Horton, Chairman of the Board said, "...Housing market conditions continue to improve across most of our operating markets, and our weekly sales pace has accelerated in January. We are well-positioned to capture demand in the spring selling season with a solid balance sheet, an increased community count, a robust finished lot supply and a strong inventory of homes available for sale."