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DR Horton Sales And Earnings Jump Sharply

|Includes: D. R. Horton Inc. (DHI)

Originally published at www.seclive.com

DR Horton Inc. (NYSE:DHI) announced its financial results for the fourth quarter and full fiscal year 2013, reporting sales and earnings that jumped sharply over last year. For the fourth quarter, pre-tax income improved 104% from $99.2M a year ago to $202.8M while net income was $139.5M and $0.40 per share, up from $100.1M and $0.30 per share last year. Revenues increased 40% to $1.8B while home closings also increased 23% to 6,866 homes, up from 5,575 last year. For the full year, revenue jumped 44% from $4.2B to $6.1B while earnings fell from $956.3M and $2.77 per share to $462.7M and $1.33 per share; however the results from last year include a $753.2M non-cash tax benefit. Chairman Donald R. Horton commented that the company performed well over the last year and is superbly positioned to continue strong growth and profitability amidst a recovering housing market.

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