Fort Worth, TX, November 16, 2005--The nation’s largest home builder, D.R. Horton, in the fourth quarter reported earnings that rose 61 percent to $563.8 million, or $1.77 per share, compared with $349.6 million, or $1.11 per share last year.
Sales for the quarter were up 45 percent to $5.1 billion.
Analysts were expecting earnings per share of $1.63 and revenue of $4.73 billion.
As previously reported, new orders for the quarter rose 26 percent and the company raised its forecast for fiscal 2006 to a range of $5.22 to $5.32 per share. That compared with Wall Street's estimate of $5.22 and the company's previous outlook for the year was $5 to $5.05.
Horton's stronger outlook came about a week after luxury home builder Toll Brothers took down the sector by saying that it would cut its earnings outlook for the next year.
