Homebuilder D.R. Horton boosts revenue outlook
Shares of D.R. Horton Inc. DHI, -0.02% shot up 6.4% toward a record high in premarket trading Thursday, after the homebuilder reported a big profit and revenue beat for the fiscal third quarter and raised its full-year outlook, as supply of affordable existing homes remains limited. Net income for the quarter to June 30 fell to $1.34 billion, or $3.93 a share, from $1.65 billion, or $4.70 a share, in the year-ago period, to beat the FactSet consensus of $2.83.
Revenue grew 10.7% to $9.73 billion, well above the FactSet consensus of $8.27 billion. Homes closed rose 8% to 22,985 homes and increased 4% in value to $8.7 billion, while net sales orders grew 37% to 22,879 homes and rose 26% in value to $8.7 billion. The company raised its full fiscal-year revenue guidance to $34.7 billion to $35.1 billion from $31.5 billion to $33.0 billion. The stock has run up 43.4% year to date through Wednesday while the S&P 500 SPX, +0.24% has advanced 18.9%.
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