The share of the construction company DR Horton, strengthens 1.4% in the pre-conference transactions as it announced profits that exceeded the estimates in the fourth quarter of the year that ended on September 30.
The company’s net profit stood at $ 1.339 billion, or $ 3.70 a share, for the quarter, up from $ 829 million, or $ 2.24 a share, a year ago.
Revenue rose to $ 8.109 billion from $ 6.4 billion a year ago.
Convergent estimates put the figure at $ 3.39 billion and $ 7.829 billion in revenue.
Revenue from housing construction rose 24 percent to $ 7.6 billion from $ 6.2 billion a year ago.
“Housing market conditions remain very robust, with buyer demand exceeding our current capacity to deliver homes in most of our markets,” President Donald R. Horton said in a statement.
However, he added, “we continue to experience significant problems in our supply chain, including shortages and delays in deliveries of specific building materials, combined with labor market bottlenecks.”
The company deliberately reduced the rate of home sales by selling homes later in the construction cycle, “to align with production levels and better ensure housing completion certainty for our buyers.”
DR Horton now expects revenue for the year 2022 of $ 32.5-33.5 billion, compared to current convergent estimates of $ 40.3 billion.
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Source From: Capital
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