D.R. Horton Q4 Profit Increases

(RTTNews) - D.R. Horton Inc. (DHI) reported that its net income attributable to the company for the fourth quarter of fiscal 2021 increased 62% to $1.34 billion from $829.0 million last year. Net income per share increased 65% to $3.70 from $2.24 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $3.40 per share for the quarter. Analysts' estimates typically exclude special items.

Homebuilding revenue for the fourth quarter rose 24% to $7.6 billion from $6.2 billion in the same quarter of fiscal 2020.

Revenues for the quarter were $8.11 billion up from $6.40 billion in the previous year. Analysts expected revenues of $7.94 billion.

Homes closed in the quarter increased 8% to 21,937 homes compared to 20,248 homes closed in the same quarter of fiscal 2020.

Net sales orders for the fourth quarter ended September 30, 2021 decreased 33% to 15,949 homes and 17% in value to $6.0 billion compared to 23,726 homes and $7.3 billion in the same quarter of fiscal 2020.

Looking for fiscal 2022, the company expects consolidated revenues to be in the range of $32.5 billion to $33.5 billion; Homes closed between 90,000 homes and 92,000 homes. Analysts expect revenues of $32.22 billion.