D.R. Horton, Inc., America's Builder, Reports Fiscal 2017 Third Quarter Earnings And Declares Quarterly Dividend Of $0.10 Per Share

D.R. Horton, Inc. (NYSE:DHI):

Fiscal 2017 Third Quarter Highlights - comparisons to the prior year quarter
  • Net income increased 16% to $289.0 million or $0.76 per diluted share
  • Consolidated pre-tax income increased 17% to $444.5 million
  • Consolidated pre-tax profit margin improved 10 basis points to 11.8%
  • Net sales orders increased 13% in value to $3.9 billion and 11% in homes to 13,040
  • Homes closed increased 17% in value to $3.7 billion and 16% in homes to 12,497

D.R. Horton, Inc. (NYSE:DHI), America's Builder, today reported that net income for its third fiscal quarter ended June 30, 2017 increased 16% to $289.0 million, or $0.76 per diluted share, from $249.8 million, or $0.66 per diluted share, in the same quarter of fiscal 2016. Homebuilding revenue for the third quarter of fiscal 2017 increased 17% to $3.7 billion from $3.1 billion in the same quarter of fiscal 2016. Homes closed in the quarter increased 16% to 12,497 homes compared to 10,739 homes in the prior year quarter.

For the nine months ended June 30, 2017, net income increased 20% to $725.1 million, or $1.92 per diluted share, from $602.6 million, or $1.61 per diluted share, in the same period of fiscal 2016. Homebuilding revenue for the nine months ended June 30, 2017 increased 18% to $9.7 billion from $8.2 billion in the first nine months of fiscal 2016. Homes closed in the nine-month period increased 16% to 32,586 homes compared to 28,062 homes in the same period of fiscal 2016.

Net sales orders for the third quarter ended June 30, 2017 increased 11% to 13,040 homes and 13% in value to $3.9 billion compared to 11,714 homes and $3.4 billion in the same quarter of fiscal 2016. The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the third quarter of fiscal 2017 was 21%, unchanged from the prior year quarter. Net sales orders for the first nine months of fiscal 2017 increased 13% to 36,272 homes from 32,070 homes in the first nine months of fiscal 2016, and the value of net sales orders increased 15% to $10.8 billion from $9.4 billion.

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