D.R. Horton reports fiscal 4Q profit
FORT WORTH, Texas (AP) — Homebuilder D.R. Horton Inc. says it returned to a profit in the fiscal fourth-quarter as more people bought homes.
The company says net income totaled $35.7 million, or 11 cents per share. That compares with a loss of $8.9 million, or 3 cents per share, in the same quarter last year.
Revenue rose 16 percent to $1.07 billion from $925.7 million.
Analysts polled by FactSet were expecting earnings of 14 cents a share on $1.08 billion in revenue.
Net sales orders rose 7 percent and homes closed rose 17 percent. A year ago, home sales tanked after homebuyer tax credits expired.
Despite the uptick, home sales this year are on pace to be worse than in 2010 as the housing market remains moribund.