D.R. Horton Reports Orders, Profit Climb

D.R. Horton Inc. said new home orders rose more than analysts were expecting and profit grew 13% in the latest quarter, as the U.S. housing market remains strong.

New orders increased 13% to 11,714 homes in the three months ended in June. Analysts polled by FactSet expected 11,610.

Home-building in the U.S. rebounded in June, a sign demand for housing is firm heading into the second half of the year. Housing starts rose 4.8% from a month earlier, the Commerce Department said Tuesday.

D.R. Horton Chairman Donald Horton said the company's "robust" lot supply and inventory of homes available for sale make the company "well-positioned" for its current quarter, which ends in September.

Over all for the June period, D.R. Horton reported profit of $249.8 million, or 66 cents a share, compared with $221.4 million, or 60 cents a share, in the year-earlier period.

Overall revenue grew 9.5% to $3.23 billion. Analysts polled by Thomson Reuters expected earnings of 66 cents a share on revenue of $3.25 billion.

Shares, which were inactive in recent premarket trading, have climbed 27% in the past 12 months.

Home builder PulteGroup Inc. is slated to also report results for its most recent quarter Thursday.

Write to Joshua Jamerson at [e-mail]

(END) Dow Jones Newswires

July 21, 2016 07:15 ET (11:15 GMT)

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