Quantcast

Horton Reports 86% Year-Over-Year Increase in Profits

JAN 28, 2014 12:07pm ET
Print
Email
Reprints
Comment
Twitter
LinkedIn
Facebook
Google+

D.R. Horton is reporting net income of $123 million for its first fiscal quarter of 2014, which is up 86% over the same period last year as market conditions continue improving. In fiscal 4Q13, the company had net income of $140 million.

The homebuilder's revenue is up 33% to $1.6 billion on a year-over-year basis, while net sales orders are up 4% and the value of those sales orders is up 14%.

Horton's financial services segment, which includes its mortgage and title businesses, ended the quarter with pretax income of $8 million, with revenue of $35 million. Both are down from fiscal 1Q13's $18 million and $42 million, respectively.

The company's average home sales price increased 10% to $275,600, which is a reflection of pricing power and increase demand from move-up homebuyers, says Donald Horton, chairman.

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.
Twitter
Facebook
LinkedIn
Already a subscriber? Log in here
Please note you must now log in with your email address and password.