Fort Worth, TX, April 18, 2006--D.R. Horton, the largest U.S. home builder, on Tuesday said quarterly earnings rose 20 percent as strength in most regions offset weakness in the Midwest.
For the second quarter ended March 31, earnings increased to $352.8 million, or $1.11 per share, from $294 million, or 92 cents per share, a year earlier. Horton previously forecast profit of $1.05 to $1.10 per share.
Analysts on average expected $1.12 per share, according to Reuters Estimates.
Revenue, which the company does not book until construction is completed and ready to turn over to the new owner, rose 25 percent to $3.6 billion from $2.9 billion.
Horton builds homes ranging from $90,000 to more than $900,000 in 26 states.
