Arlington, TX, July 21-- D.R. Horton, Inc., the number one U.S. home builder, reported that net income for the quarter ended June 30, 2004 increased 62% to $251.3 million or $1.06 per diluted share.
Third quarter consolidated revenue increased 26% to $2.8 billion, from $2.2 billion in the third quarter of fiscal year 2003. Homes closed increased 23% to 11,050 homes from 9,005 in the year ago quarter.
The company's backlog of homes under contract at June 30, 2004 totaled a record $5.2 billion (19,531 homes), up 28% from $4.0 billion (16,901 homes) at June 30, 2003.
The company is increasing its earnings per share guidance for the fiscal year ended Sept. 30, 2004 to approximately $3.75 to $3.85 based on 237.1 million diluted shares outstanding. This represents a 37% to 41% increase over the $2.73 per diluted share reported in fiscal year 2003. The earnings guidance is based on approximately 43,000 to 44,000 homes closed and $10.5 to $10.7 billion in consolidated revenue.
