Homebuilder D.R. Horton Inc. (DHI) reported a surge in second-quarter net income to $111.0 million, or $0.32 per share, from $40.6 million, or $0.13 per share, a year back. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.19 for the quarter. Analysts' estimates typically exclude one-time items.
Pre-tax income stood at $142.1 million this quarter, compared with $42.3 million last year.
During the quarter, homebuilding revenue grew 49% to $1.4 billion, from $0.9 billion in the same quarter of 2012. Analysts estimated revenues of $1.26 billion for the quarter. Homes closed in the quarter went up 33% year-on-year to 5,643, with quarterly net sales orders rising 34% to 7,879 homes, from 5,899 homes in the year-ago quarter.
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