D. R. Horton Inc (NYSE:DHI) saw its shares shoot forward on the release Monday of first-quarter figures.
The Arlington, Texas-based company which dubs itself "America’s Builder" reported that net income per common share attributable to D.R. Horton for its first fiscal quarter ended December 31, 2019 increased 53% to $1.16 per diluted share compared to $0.76 per diluted share in the same quarter of fiscal 2019.
Net income attributable to D.R. Horton in the first quarter of fiscal 2020 increased 50% to $431.3 million compared to $287.2 million in the same quarter of fiscal 2019. The current quarter results include a tax benefit of $32.9 million related to federal energy efficient homes tax credits that were retroactively reinstated during the quarter.
Homebuilding revenue for the first quarter of fiscal 2020 increased 14% to $3.9 billion from $3.4 billion in the same quarter of fiscal 2019.
Homes closed in the quarter increased 13% to 12,959 homes compared to 11,500 homes closed in the same quarter of fiscal 2019.
Net sales orders for the first quarter ended December 31, 2019 increased 19% to 13,126 homes and 22% in value to $3.9 billion compared to 11,042 homes and $3.2 billion in the same quarter of the prior year.
The Company had 30,200 homes in inventory at December 31, 2019, and its homebuilding land and lot portfolio totaled 319,000 lots, of which 39% were owned and 61% were controlled through land purchase contracts.
Shares gained $1.98, or 3.4%, to $60.49
