D.R. Horton Beats, Guides Up

The homebuilder posts a 52% increase in fourth-quarter profit.

Author:: TSC Staff
Publish date:: Nov 10, 2004 7:57 AM EST

Homebuilder

D.R. Horton

Wednesday reported a 52% jump in fourth-quarter profit, as the nation's housing boom roared along despite the latest predictions of a long-awaited slowdown.

Texas-based Horton had net income of $349.6 million, or $1.47 a share, vs. $230.7 million, or 98 cents a share, for the same quarter of fiscal 2003. Revenue increased 23% to $3.5 billion.

Analysts were expecting $1.22, according to Thomson First Call.

Horton's sales backlog of homes under contract was a year-end record $4.6 billion, or 17,184 homes, up 25% from a year ago.

Horton, which builds homes for the entry-level and first-time move-up markets, had strong sales in all of its regions.

The company forecast first-quarter EPS of 85 cents to 90 cents and full-year 2005 EPS of $4.50 to $4.70. The consensus estimates are 89 cents and $4.21.

The company's fourth quarter and fiscal year ended Sept. 30.

Shares ended at $31.76 Tuesday.

Toll Brothers

(TOL) - Get Report

Tuesday reported record fourth-quarter sales and offered bullish guidance.