D R Horton Q2 Results Climb, Top Estimates; Lifts FY18 Margin View - Quick Facts

(RTTNews) - Home builder D R Horton Inc. (DHI) reported Thursday that second-quarter net income attributable to the company increased 53% to $351.0 million, or $0.91 per share from $229.2 million or $0.60 per share last year.

The current quarter results included $30.1 million of pre-tax inventory and land option charges to cost of sales.

Homebuilding revenue for the second quarter increased 16% to $3.79 billion from $3.25 billion in 2017.

On average, analysts polled by Thomson Reuters expected earnings of $0.85 per share on revenues of $3.76 billion. Analysts' estimates typically exclude special items.

Homes closed grew 16% in value to $3.7 billion and 15% in homes to 12,281.

Net sales orders for the second quarter ended March 31, 2018 increased 13% to 15,828 homes and 13% in value to $4.7 billion.

Looking ahead, the company updated its outlook for fiscal 2018.

Consolidated pre-tax profit margin for the year is now expected to be 12.1% to 12.3%, compared to prior guidance of 11.8% to 12.0%. Consolidated revenues are now expected between $15.9 billion and $16.3 billion. Analysts expect revenues of $16.21 billion for the year.

The company projects homes closed between 51,500 and 52,500 homes, and home sales gross margin in the range of 20.5% to 21.0%, with potential quarterly fluctuations that may be outside of this range.