D.R. Horton Q2 Profit, Revenue Drop, But Beat Estimates

(RTTNews) - Home builder D.R. Horton, Inc. (DHI) Thursday reported lower profit in the second quarter hurt primarily by higher cost of sales. However, the company's earnings as well revenue were above analysts' estimates. D.R. Horton also provided full-year revenue outlook above Street view.

Profit in the second quarter was $942.2 million or $2.73 per share, down from $1.436 billion or $4.03 per share in the same quarter a year ago. On average, 18 analysts polled by Thomson-Reuters were expecting earnings of $1.93 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter was $7.973 billion, slightly lower than $7.999 billion. The consensus estimate was for $6.47 billion.

Looking forward to the full year, the company expects revenue to be in the range of $31.5 billion- $33.0 billion. Analysts' estimates stands at $28.5 billion.

D.R. Horton shares are up more than 3% up in pre-market. Wednesday, it closed at 101.86, down 0.31%.