D.R. Horton, the largest U.S. homebuilder, reported fiscal first-quarter earnings that beat analyst estimates as sales increased.
The Fort Worth, Texas, company said net income for the three months through December climbed to $157.7 million, or 42 cents a share, from $142.5 million, or 39 cents, a year earlier. The average estimate of 16 analysts was 41 cents a share, according to data compiled by Bloomberg.
D.R. Horton has focused on keeping costs down and boosting sales volumes in existing communities and of
"The fact that they’re so diligent in cost controls is big for them," Drew Reading, a homebuilding analyst for Bloomberg, said in an interview before the results were released. "If there's going to be another leg in the recovery, it's going to be in the entry level, and they've been out in front of everyone on that."
Homebuilding revenue rose to $2.4 billion in the first quarter from $2.3 billion a year earlier, D.R. Horton said. Home sales completed in the quarter climbed 1% to 8,061, and orders increased 9% by volume.
