REUTERS

(REUTERS)

D.R. Horton's 3Q Profit Boosted by Higher Home Sales

Industries Reuters

D.R. Horton, the largest U.S. homebuilder, reported a 13 percent rise in quarterly profit as it sold more homes.

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D.R. Horton, which caters to people buying their first or second homes, said its net sales orders climbed about 13 percent in the third quarter ended June 30 from a year earlier.

Orders grew across the United States, helped by a 16 percent growth in the Southeast, the company's biggest market in terms of revenue.

The company's net income rose to $249.8 million, or 66 cents per share, in the quarter, from $221.4 million, or 60 cents per share, a year earlier.

Revenue increased 9.5 percent to $3.15 billion.

Analysts on average had expected a profit of 66 cents on revenue $3.26 billion, according to Thomson Reuters I/B/E/S/.

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(Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)