Fort Worth, TX, February 16--D.R. Horton Inc. on Tuesday declared a 4-for-3 stock split and affirmed its second-quarter and fiscal 2005 earnings expectations.
The nation's largest home builder said the stock split -- effected as a 33 1/3 percent stock dividend -- will be payable March 16 for shareholders of record on March 1. Cash will be paid instead of fractional shares, the company said.
"We believe this stock split will benefit our shareholders by increasing our public float and improving the liquidity of our common stock," said chairman Donald R. Horton in a statement. "In our fiscal first quarter, we generated double-digit sales order growth and record first-quarter revenues and earnings, and we are confident that we will achieve another record year in 2005."
D.R. Horton said it continues to stand by its previous earnings expectations. Adjusted for the stock split, the company said it expects earnings per share of 75 cents to 79 cents for the fiscal second quarter, and $3.56 to $3.68 for fiscal 2005, based on revenue of more than $12.5 billion.
Before the stock split, analysts surveyed by Thomson First Call forecast second-quarter earnings of $1.06 per share and 2005 profit of $5.04 per
