FORT WORTH – D.R. Horton, the largest builder in the nation, reported a 35 percent increase in home sales in its first quarter, compared to the first quarter a year earlier.
D.R. Horton’s net sales orders for the first quarter ended December 31, 2014 increased 35% to 7,370 homes and 40% in value to $2.1 billion, compared to 5,454 homes and $1.5 billion in the prior year quarter.
The company sold 30,455 houses last year. In early trading Monday morning, the company’s stock was up 7 percent.
The Fort Worth-based builder’s net income increased 16% to $142.5 million, or $0.39 per diluted share, from $123.2 million, or $0.36 per diluted share in the same quarter of fiscal 2014. Homebuilding revenue for the first quarter of fiscal 2015 increased 38% to $2.3 billion from $1.6 billion in the same quarter of fiscal 2014. Homes closed in the quarter increased 29% to 7,973, compared to 6,188 homes in the prior year quarter.
Donald R. Horton, Chairman of the Board, said, “Our fiscal 2015 is off to a great start, highlighted by $220.7 million of pre-tax income, on $2.3 billion of revenues. Our position as the largest and most geographically diverse homebuilder provides a strong platform for us to compete for new home sales, evidenced by year-over-year increases in the value of our net sales orders, home sales revenue and sales order backlog of 40%, 37% and 29%, respectively.
“Our weekly sales pace has accelerated in January, and we are well-positioned to capture demand in the spring selling season with our solid balance sheet and robust community count, finished lot supply and inventory of homes available for sale. We also continue to be pleased with the progress and performance of the rollouts of our Express Homes and Emerald Homes brands,” Horton said..
“We remain intently focused on growing revenues and profits at a double-digit pace, while generating improved returns and cash flows,” Horton said.
D.R. Horton has been the largest homebuilder by volume in the United States for thirteen consecutive years. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 79 markets in 27 states across the United States and closed 30,455 homes in the twelve-month period ended December 31, 2014. The Company is engaged in the construction and sale of high-quality homes through its diverse brand portfolio that includes D.R. Horton, Express Homes and Emerald Homes with sales prices ranging from $100,000 to over $1,000,000.