Shares of D.R. Horton Inc. (DHI) soared 6.4% in premarket trading on Thursday, reaching a record high. The homebuilder exceeded expectations with a significant profit and revenue beat for the fiscal third quarter. This impressive performance reflects the ongoing challenge of limited affordable existing homes in the market.
Q3 Financial Highlights
Despite a slight decrease from the previous year, net income for the quarter ending June 30 was $1.34 billion, or $3.93 per share, surpassing the FactSet consensus of $2.83. Revenue also saw a notable increase, growing by 10.7% to $9.73 billion, well above the FactSet consensus of $8.27 billion.
Here are some additional key figures:
- Homes closed rose by 8% to 22,985 homes, with a total value of $8.7 billion.
- Net sales orders experienced a significant surge, growing by 37% to 22,879 homes and increasing in value by 26% to $8.7 billion.
Upgraded Full-Year Revenue Guidance
Impressed by the strong Q3 performance, D.R. Horton Inc. has raised its full fiscal-year revenue guidance. The new projected range is set between $34.7 billion and $35.1 billion, up from the previous estimate of $31.5 billion to $33.0 billion.
Market Reaction
Year to date, D.R. Horton Inc. stock has enjoyed a remarkable increase of 43.4%. In contrast, the S&P 500 has advanced by 18.9% during the same period.
