D.R. Horton Q3 Profit Slumps, Yet Tops View - Quick Facts

(RTTNews) - Homebuilder D.R. Horton Inc. (DHI) posted a plunge in third-quarter net income to $146.0 million, or $0.42 per share, from last year's $787.8 million, or $2.22 per share, a year ago. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $0.34 for the quarter. Analysts' estimates typically exclude one-time items.

The prior-year quarter's results included a non-cash tax benefit of $716.7 million from a reduction of the company's valuation allowance for its deferred tax asset, according to the firm.

Homebuilding revenue for the latest quarter climbed 47% to $1.64 billion from $1.12 billion in the same quarter of 2012. Analysts estimated revenues of $1.72 billion for the quarter.

Net sales orders for the period rose 12% to 6,822 homes from 6,079 homes in the year-ago quarter and the value of net sales orders increased 30% to $1.8 billion.