D.R. Horton Tops Analysts' Second- Quarter Earnings Estimates

Sales at D.R. Horton rise 9% in the period.
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Shares of D.R. Horton  (DHI) - Get Report were rising Tuesday after the homebuilder reported second quarter results that topped analysts' top- and bottom-line estimates. 

D.R. Horton reported a 40% increase in earnings to $1.30 a share on revenue that rose 9% to $4.5 billion. Analysts were expecting the company to report earnings of $1.12 a share on revenue of $4.42 billion. 

The homebuilder also reported an 8% increase in home sale closings to 14,539 homes. 

Despite the strong quarter, D.R. Horton said the coronavirus pandemic was hurting its bottom line. 

"We began to see the impact of the pandemic on our operations and housing demand in late March and April and our experienced operators across the country have and continue to quickly adjust to changing market conditions," said D.R. Horton Chairman Donald Horton. 

The company warned that results of operations "can be affected by changes in economic conditions that negatively impact the housing, lot development and financial services markets."

The company noted that residential construction and financial services were impacted in almost all of the municipalities where D.R. Horton operates.

D.R. Horton shares rose 6.5% premarket to $44.89.

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