D.R. Horton raises full-year outlook as profit beats on strong home demand
(Reuters) -D.R. Horton Inc raised its full-year outlook for home deliveries and reported a better-than-expected quarterly profit, as strong housing demand and low mortgage rates boosted the top U.S. homebuilder's sales.
The U.S. housing sector has seen a sharp rebound from the coronavirus crisis, as more people worked from home and schools shifted to online classes.
"Housing market conditions remain very robust, and we are focused on maximizing returns," Chairman Donald Horton said.
Home orders, an indicator of future revenue, jumped 35% to 27,059 in the second-quarter ended March 31, beating analysts' average estimate of 23,239 homes, according to IBES data from Refinitiv.
Deliveries jumped about 36% to 19,701 homes in the quarter.
D.R. Horton said it now expects full-year home deliveries between 82,500 and 84,500, up from 80,000 to 82,000 forecast previously.
Net income attributable to the company rose to $929.5 million, or $2.53 per share, in the second quarter ended March 31, from $482.7 million, or $1.30 per share, a year earlier.
The company's profit was hit last year due to the COVID-19 pandemic.
Revenue rose 43% to $6.45 billion.
Analysts on average expected D.R. Horton to report a profit of $2.15 per share on revenue of $6.11 billion.
(Reporting by Shreyasee Raj and Ankit Ajmera in Bengaluru;Editing by Vinay Dwivedi)
