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.