D.R. Horton Q4 Profit Increases - Quick Facts

(RTTNews) - D.R. Horton, Inc. (DHI), America's Builder, reported that its net income for the fourth-quarter increased to $166.3 million or $0.45 per share, from $139.5 million, or $0.40 per share, in the same quarter of fiscal 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Pre-tax income for its fourth quarter increased 24% to $250.8 million, compared to $202.8 million in the same quarter of fiscal 2013. The quarterly results included $21.3 million of pre-tax inventory and land option charges to cost of sales, compared to $27.1 million in the same quarter of fiscal 2013.

Revenues for the quarter grew to $2.423 billion from last year's $1.818 billion. Wall Street expected revenues of $2.38 billion for the quarter.

Homebuilding revenue for the fourth quarter grew 33% to $2.4 billion from $1.8 billion in the same quarter of 2013. Homes closed in the quarter increased 25% to 8,612, compared to 6,866 homes in the year-ago quarter.

Net sales orders for the fourth quarter ended September 30, 2014 increased 38% to 7,135 homes from 5,160 homes in the year-ago quarter and the value of net sales orders increased 41% to $2.0 billion from $1.4 billion. The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the fourth quarter of fiscal 2014 was 28%.

Donald Horton, Chairman of the Board, said, "... With a 29% increase in our beginning backlog value and a greater than 20% year-over-year increase in our October net sales orders, we are off to a great start in fiscal 2015."

The company has declared a quarterly cash dividend of $0.0625 per common share. The dividend is payable on December 15, 2014 to stockholders of record on December 1, 2014.