DR Horton Reports Strong 1Q Earnings
Homebuilding bellwether, DR Horton, the largest homebuilder by revenue in the country, reported earnings of 39 cents a share or $142.5M for its fiscal year first quarter. This was up from 36 cents a share in the same period last year, and this year’s 1Q results beat the average analyst estimate by 4 cents a share. Revenue increased from $2.3B compared with $1.6B in the year ago period. In what has been emerging as a consistent theme for homebuilders this earnings season, gross margins fell to 19.8% from 22.3% a year earlier.
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