Despite continuing housing market and mortgage-related challenges, builder D.R. Horton Inc. generated profits in its fourth fiscal quarter and full fiscal year ending Sept. 30 that improved upon the same quarter last year but were lower than FY 2010.
The company's net income in its fourth fiscal quarter climbed to $35.7 million from a net loss of $8.9 million a year ago, while its fiscal year net income was $71.8 million, down from $245.1 million the previous fiscal year.
In the mortgage area, putbacks declined in the fourth quarter compared to the second and third quarter, executive vice president and treasurer Stacey Dwyer told listeners to the company's conference call during a question and answer session.
The majority of the company's homes are mortgage financed and closing lags have lengthened compared to previous years, executives said in response to questions during the call. But earnings results show the number of homes closed during the quarter did increase, rising to 4,987 from 4,281 compared to the same quarter a year ago.
