(By Balaseshan) D.R. Horton Inc. (NYSE: DHI) delivered better-than-expected quarterly earnings with double-digit rise in closings and backlog, and the homebuilder expects to increased profitability in fiscal 2013.
Earnings increased to $100.1 million or $0.30 per share for the fourth quarter from $35.7 million or $0.11 per share in the year-ago quarter.
Revenue jumped 21 percent to $1.3 billion.
Analysts, on average, polled by Thomson Reuters had expected earnings of $0.28 per share on revenue of $1.35 billion for the fourth quarter.
In the quarter, homes closed rose 12 percent to 5,575 and net sales orders advanced 24 percent. Value of net sales orders increased 35 percent to $1.3 billion.
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As at September 30, 2012, D.R. Horton's sales order backlog of homes under contract jumped 49 percent to 7,240 homes.
The company has declared a quarterly cash dividend of $0.0375 per share. The dividend is payable on December 17 to stockholders of record on December 3.
"We have continued to see strong sales demand through October and into November. With 13,000 homes in inventory and 60,000 finished lots controlled, we have the home and lot position to continue to grow our market share and meet increasing customer demand. We look forward to continued improvement in our operating metrics and increased profitability in fiscal 2013," said Donald Horton, Chairman of the Board.
DHI shares, which have been trading in the range of $10.75 to $22.79 in the past 52 weeks, closed Friday's regular trading at $20.60.