Donald R. Horton, chairman of the board at D.R. Horton, Inc., credited the upward trajectory of the U.S. housing market for the homebuilder's strong second-quarter earnings report.
“Housing market conditions remain favorable, and as expected, the pace and strength of the improvement varies significantly across our local operating markets," he said in a company release. "Our broad geographic footprint, diversified product offerings, solid balance sheet and robust finished lot supply put us in a strong position to capture demand and increase revenues and profitability in the second half of our fiscal year."
The homebuilder pulled in $1.7 billion in revenues over the three months ended March 31, up 22% from $1.4 billion the year previous.
Meanwhile, net income increased 18% year-over-year to $131.0 million for the quarter.
"Our homebuilding and financial services operations delivered a great quarter, highlighted by pre-tax income of $201.9 million and a pre-tax income margin of 11.6%," Horton added. "The dollar value of our homes sold, closed and in backlog all increased by double-digit percentages. Our net sales orders in the March quarter were up 57% sequentially from the December quarter and up 9% from the March quarter last year. Our average sales price increased 10% to $278,900, reflecting continued pricing power in many of our markets."