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D.R. Horton Net Rises 29%

The homebuilder beats earnings estimates.
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D.R. Horton

(DHI) - Get D.R. Horton, Inc. Report

reported a better-than-expected 29% rise in first-quarter earnings and said 2006 should be another big year.

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Fort Worth, Texas-based D.R. Horton earned $310.1 million, or 98 cents a share, in the quarter, compared with $241 million, or 76 cents a share, a year ago. Homebuilding revenue rose 15% from last year to $2.84 billion. Analysts surveyed by Thomson First Call expected EPS of 94 cents and sales of $2.98 billion in the latest period.

The company closed sales on 9,891 homes in the most recent quarter, compared with 9,680 a year earlier.

Horton said earnings in the quarter ending in March should be $1.05 to $1.10 a share; the Thomson First Call consensus is for $1.09 a share. For the year ending in September, the company sees earnings of $5.25 to $5.35 a share; the Thomson First Call consensus is $5.34 a share.

The company's sales order backlog at Dec. 31 was $6.2 billion, representing 20,816 homes, up 30% from $4.8 billion, or 17,405 homes, a year ago.