D.R. Horton Q2 Profit Beats Estimates; Raises 2022 Revenue Outlook

(RTTNews) - Home construction company D.R. Horton, Inc. (DHI) on Tuesday said its net income in the second quarter increased more than 50% to $1.436 billion or $4.03 per share from $929.5 million or $2.53 per share in the same quarter a year ago.

Revenue for the quarter increased 24% year-on-year to $7.999 billion from $6.447 billion.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $3.37 per share on revenue of $7.62 billion for the quarter. Analysts' estimates typically exclude special items.

For the full-year, the company has raised its revenue outlook to the range of $35.3 billion to $36.1 billion from $34.5 billion to $35.5 billion provided earlier. The consensus estimate stands at $35.28 billion.

Further, D.R. Horton declared a dividend of $0.225 per share to be payable on May 18, to stockholders of record on May 9.

"With 33,900 homes in backlog, 59,800 homes in inventory, a robust lot supply and strong trade and supplier relationships, we are well-positioned to grow our consolidated revenues by more than 25% in fiscal 2022," commented Donald R. Horton, Chairman of the Board.