D.R. Horton Inc’s (DHI.N) quarterly profit jumped nearly 44 percent as the largest U.S. homebuilder sold more homes and the company said its orders rose 19 percent.
Orders, an indicator of future revenue for homebuilders, rose to 8,477 homes in the fourth quarter.
D.R. Horton said on Tuesday its home sales rose 23 percent to 10,576 units.
U.S. homebuilder sentiment hit decade highs in July, August and September as traffic from potential buyers gained ground, according to data from the National Association of Home Builders.
D.R. Horton, whose homes are priced from $100,000 to over $1 million, said net income rose to $238.9 million, or 64 cents per share, in the quarter ended Sept. 30 from $166.3 million, or 45 cents per share, a year earlier.
The company said it had a non-cash tax benefit of $17.5 million in the quarter.
Revenue rose 26.9 percent to $3.05 billion.
D.R. Horton shares closed at $28.77 on the New York Stock Exchange on Monday.
Up to Monday’s close, the stock had risen about 14 percent this year, while the Dow Jones U.S. Home Construction index .DJUSHB had risen about 5.7 percent.
REUTERS
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