D.R. Horton, the largest homebuilder in the U.S., posted a nearly 44 percent profit increase in its fiscal fourth quarter. Orders also rose 19 percent. Shartia Brantley reports.
Home sales heat up for D.R. Horton. The largest U.S. homebuilder reported a nearly 44 percent jump in profit during its fiscal fourth quarter. Orders, a gauge of future revenue, also rose 19 percent to nearly 8,500 homes and increased in all regions, except the Midwest, which dipped slightly. The housing market is benefiting from historically low interest rates and improved homebuilder sentiment over recent months fueled by a stronger labor market. D.R. Horton homes range from $100,000 to over one million dollars under three brand segments. D.R. Horton Chairman Donald Horton said: "We are well-positioned with our industry-leading market share, broad geographic footprint and diversified product offerings across our D.R. Horton, Emerald Homes and Express Homes brands. We are focused on growing our revenues and pre-tax profits at a double-digit annual pace, while continuing to generate positive cash flows and improved returns." D.R. Horton shares were up in early trading.