Builder D.R. Horton Swings to Profit in Quarter

Fort Worth, TX, April 30, 2010--D.R. Horton Inc. said Friday it had a second-quarter profit of $11.4 million, or $0.04 a share.

A year earlier, it had a loss of $108.6 million, or $0.34 a share.

Horton reported a 19% increase in completed sales. Revenue was $896.8 million, up 16% from $775.3 million.

The company also reported a 55% increase in new home orders as its results outpaced analysts' expectations.

Company Chairman Donald R. Horton said homebuilders still face challenges, including rising foreclosures, high unemployment, tight lending standards and the expiration of government incentives.

"However, new home inventory remains low, interest rates are favorable and housing affordability is near record highs," Horton said in a statement.