The largest U.S. homebuilder posted impressive first-quarter earnings thanks to a continued housing recovery.
Fort Worth's own D.R. Horton reported net income of $123.3 million for the first quarter, up 86% from a year earlier. Additionally, homebuilding revenue hit $1.6 billion, up 33% from last year.
Home closed in the first quarter soared to 6,1888 units, up 19% from the previous year. Similarly, net sales orders were 5,454 homes, up 4% from a year ago and the value of net sales orders rose to $1.5 billion, up 14% from last year.
"Our fiscal 2014 is off to a great start," says D.R. Horton chairman Donald Horton. "The dollar value of our homes sold, closed and in backlog all increased by double-digit percentages. Our average sales price increased 10% to $275,600, reflecting pricing power across most of our markets and increased demand from move-up buyers."
Housing market conditions continue to improve throughout the nation, and weekly sales pace also accelerated in January, according to the company, which is one of Southlake Style's Top 10 companies to watch this year.
The company's sales order backlog of homes under contract ending Dec. 31, 2013 increase to 7,684 homes, up 5% from the previous year.
Furthermore, the value of the backlog increase to $2.1 billion, up 20% from last year.
"We are well-positioned to capture demand in the spring selling season with a solid balance sheet, an increased community count, a robust finished lot supply and a strong inventory of homes available for sale," Horton says.