D.R. Horton beats profit estimate, raises 2018 forecast

Earnings Reuters

(Reuters)

Nov 9 (Reuters) - The United States' largest homebuilder D.R. Horton Inc reported a better-than-expected quarterly profit and raised it fiscal 2018 revenue and cash flow forecasts, helped by strong demand.

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D.R. Horton said it now expected fiscal 2018 consolidated revenue to rise about 13-19 percent, compared with 10-15 percent estimated previously.

The company also raised its full-year forecast for cash flow from operations to at least $500 million from its previously estimated range of $300 million to $500 million.

D.R. Horton's net sales orders climbed about 18.2 percent to 10,333 homes in the fourth quarter ended Sept. 30.

Net income rose to $313.2 million, or 82 cents per share, from $283.6 million, or 75 cents per share, a year earlier.

Home sales revenue rose 10.9 percent to $4.04 billion.

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Analysts on average had expected a profit of 81 cents on revenue $4.01 billion, according to Thomson Reuters I/B/E/S/.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva)

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