D.R. Horton profit, sales rise as coronavirus pandemic hits housing
Home orders were slowing and cancellations were growing in the latest quarter
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
D.R. Horton Inc. said Tuesday that profit and sales rose in the latest quarter, but home orders were slowing and cancellations were growing due to the coronavirus pandemic.
The Arlington, Texas-based home builder reported earnings of $482.7 million or $1.30 a share in the second quarter, compared with $351.3 million, or 93 cents a share, a year earlier.
Analysts polled by FactSet expected earnings of $1.12 a share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DHI | D.R. HORTON INC. | 145.91 | +0.17 | +0.11% |
Sales were $4.5 billion, up from $4.13 billion a year ago. Analysts had forecasted $4.4 billion.
HOMEBUYERS APPEAR EAGER TO PURCHASE IN SOME METROS, DATA SUGGESTS
D.R. Horton said net sales orders rose 20% during the quarter but were 11% lower April-to-date than the previous year as the coronavirus took a hit.
It cautioned that cancellations typically come later in the month so its reported sales figures aren't fully reflective of the impact of the coronavirus.
PEOPLE WERE LEAVING NEW YORK CITY BEFORE THE CORONAVIRUS. NOW WHAT?
In early April, the company said 14,539 homes closed in the second quarter, up 7.9% from the quarter a year ago. It had 33,400 homes in its inventory as of March 31, an increase of 4% from the comparable quarter.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The company also withdrew its 2020 guidance earlier this month after the coronavirus began to take a toll on home orders.
CLICK HERE TO READ MORE ON FOX BUSINESS