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Last Update: 12-Nov-12 08:39 ET
DR Horton is building its gains pre-market; up 3% following beat on earnings
DR Horton (DHI $21.35 +0.75) reported fourth quarter GAAP earnings of $0.30 per share, $0.01 better than the Capital IQ consensus of $0.29, while revenues rose 20.9% year/year to $1.3 billion versus the $1.38 billion consensus. Homes closed in the quarter increased 12% to 5,575, compared to 4,987 homes in the year ago quarter. Net sales orders for the fourth quarter ended Sept 30, 2012 increased 24% to 5,276 homes from 4,241 homes in the year ago quarter and the value of net sales orders increased 35% to $1.3 billion from $0.9 billion. The co's cancellation rate (canceled sales orders divided by gross sales orders) for the fourth quarter of fiscal 2012 was 27%. The Company's sales order backlog of homes under contract at Sept 30, 2012 increased 49% to 7,240 homes from 4,854 homes at Sept 30, 2011. The value of the backlog increased 61% to $1.7 billion at September 30, 2012 from $1.0 billion a year ago. "We are positioned for a strong start to fiscal 2013, with our highest year-end backlog since fiscal 2007. We have continued to see strong sales demand through October and into November. With 13,000 homes in inventory and 60,000 finished lots controlled, we have the home and lot position to continue to grow our market share and meet increasing customer demand. We look forward to continued improvement in our operating metrics and increased profitability in fiscal 2013."
