By Dieter Holger
D.R. Horton Inc. said Tuesday that profit and sales rose in the latest quarter, but home orders were slowing and cancellations were growing due to the coronavirus pandemic.
The Arlington, Texas-based home builder reported earnings of $482.7 million or $1.30 a share in the second quarter, compared with $351.3 million, or 93 cents a share, a year earlier.
Analysts polled by FactSet expected earnings of $1.12 a share.
Sales were $4.5 billion, up from $4.13 billion a year ago. Analysts had forecasted $4.4 billion.
D.R. Horton said net sales orders rose 20% during the quarter but were 11% lower April-to-date than the previous year as the coronavirus took a hit.
It cautioned that cancellations typically come later in the month so its reported sales figures aren't fully reflective of the impact of the coronavirus.
In early April, the company said 14,539 homes closed in the second quarter, up 7.9% from the quarter a year ago. It had 33,400 homes in its inventory as of March 31, an increase of 4% from the comparable quarter.
The company also withdrew its 2020 guidance earlier this month after the coronavirus began to take a toll on home orders.
Write to Dieter Holger at firstname.lastname@example.org ; @dieterholger
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