D.R. Horton Q1 Earnings, Revenue Guidance Above Estimates; Stock Up

(RTTNews) - D.R. Horton, Inc. (DHI) Wednesday reported significant growth in earnings for the first quarter, better than the consensus estimates, driven by increased home sales. The company also provided full-year revenue outlook, better than analysts' view.

Net earnings in the first quarter increased to $1.142 billion or $3.17 per share from $791.8 million or $2.14 per share in the same quarter a year ago.

On average, nineteen analysts polled by Thomson Reuters expected the company to report earnings of $2.79 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter jumped 19% year-on-year to $7.053 billion from $5.933 billion. The consensus estimate stood at $6.71 billion.

The company said its net sales orders for the first quarter increased 5% to 21,522 homes and 29% in value to $8.3 billion.

Looking forward, the company sees full-year revenue to range between $34.5 billion and $35.5 billion. The Street view stands at $33.62 billion.

The company declared a quarterly dividend of $0.225 per share that is payable on February 25, to stockholders of record on February 17.

"Our January home starts and net sales order volume were in line with our plans, and we are confident that we are well-positioned to deliver double-digit volume growth in fiscal 2022 with 29,300 homes in backlog, 54,800 homes in inventory, a robust lot supply and strong trade and supplier relationships," said Donald R. Horton, Chairman of the Board.

D.R. Horton stock is rising 3.2% in pre-market. It had closed at $89.45 on Tuesday, up $0.23, or 0.26%.