D.R. Horton Earnings Rise Less Than Expected, Sales Come Up Shy

D.R. Horton Inc. reported Tuesday fiscal fourth-quarter earnings that rose to $283.6 million, or 75 cents a share, from $238.1 million, or 64 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 77 cents. Revenue rose to $3.65 billion from $3.09 billion, just shy of the FactSet consensus of $3.68 billion. Home sales increased to $3.64 billion from $3.05 billion, above the FactSet consensus of $3.58 billion, while land and lot sales of $13.5 million, down from $39.0 million, missed expectations of $18.5 million. The number of homes closed rose 16% to 12,247, while the value rose 19% to $3.6 billion. Separately, the home builder raised its quarterly dividend by 25% to 10 cents a share from 8 cents a share. The new dividend will be payable Dec. 12 to shareholders of record on Nov. 28. The company affirmed its fiscal 2017 outlook for revenue of $13.4 billion to $13.8 billion. The stock, which was indicated down nearly 2% in light premarket trade, has lost 8.3% year to date through Monday, while the S&P 500 has gained 4.3%.

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