DR Horton Shows Unexpected Profit
Las Cruces – D.R. Horton Inc. says it turned a profit in the fiscal second quarter as the homebuilder reported a 19 percent increase in completed sales.
The builder said Friday it had a profit of $11.4 million, or 4 cents a share, for the three months ended March 31. A year earlier, it had a loss of $108.6 million, or 34 cents a share.
Revenue was $896.8 million, up 16 percent from $775.3 million.
Analysts polled by Thomson Reuters expected a loss of 1 cent per share on revenue of $863 million.
Completed sales increased to 4,260 homes from 3,585 a year earlier. New home orders increased to 6,438, a 55 percent jump from 4,160 in the year-ago period.
D.R. Horton has housing developments in Arizona and New Mexico.
Copyright 2010 The Associated Press.