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

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

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/.

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