D.R. Horton profit beats estimates
Homebuilder D.R Horton Inc. said Monday it had net income of $157.7 million, or 42 cents a share, in its fiscal first quarter, up from $142.5 million, or 39 cents a share, in the year-earlier period. Homebuilding revenue rose 4% to $2.4 billion and net sales orders rose 12% to $2.4 billion. The FactSet consensus was for EPS of 41 cents and sales of $2.4 billion. "With a sales backlog of 10,665 homes at the end of December, positive sales trends in January and a robust lot supply and inventory of homes available for sale, we are well-positioned for the spring selling season and fiscal 2016," Chairman Donald R. Horton said in a statement. Shares were not yet active in premarket trade, but have gained 20% in the last 12 months, while the S&P 500 has fallen 7%.
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