D.R. Horton Inc. reported earnings per share of 76 cents, which fell short of FactSet consensus estimate of 78 cents. Its net sales orders increased +3% to touch 11,042 – which was less than FactSet new orders consensus of 11,411.
Chairman Donald Horton attributed rising home prices in recent years and increasing interest rates as factors behind downward pressure on home demand.
Nevertheless, the home construction company still experienced a +52% year-over-year increase in net income which touched $287.2 million in the quarter. Also, revenue increased to $3.52 billion from $3.33 billion, beating FactSet consensus of $3.45 billion. The number of homes closed rose +7% to 11,500, above the FactSet deliveries consensus of 11,439.