D.R. Horton Shares Slide as New Orders Disappoint
November 08 2016 - 8:50AM
Dow Jones News
Home builder D.R. Horton Inc. posted new orders for its latest
quarter Tuesday that fell short of expectations, even as revenue
climbed 18%.
New orders increased 3% to 8,744 homes in the three months ended
in September, below the expectations of analysts surveyed by
FactSet who projected 9,433. Shares of the company fell 5.5%
premarket to $27.75.
According to federal data, sales of newly built homes rose in
September after an August tumble, a sign modest momentum continues
in the housing market.
Purchases of new single-family homes increased 3.1% in September
from the prior month to a seasonally adjusted annual rate of
593,000, the Commerce Department said in the last week of
October.
Over all for the September period, D.R. Horton reported profit
of $283.6 million, or 75 cents a share, compared with $238.1
million, or 64 cents a share, in the year-earlier period.
Revenue grew 18% to $3.65 billion.
Analysts polled by Thomson Reuters expected earnings of 77 cents
a share on revenue of $3.66 billion.
The company backed its outlook for 2017, including revenue
between $13.4 billion and $13.8 billion. Analysts expect $13.64
billion.
During the fourth quarter, Horton acquired home builder Wilson
Parker Homes for about $91.9 million in cash.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
November 08, 2016 09:35 ET (14:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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