D.R. Horton’s Backlog Grows, but Q4 Earnings Fall Short (DHI)

Home builder D.R. Horton, Inc. (DHI) on Friday reported lower-than-expected fiscal fourth quarter earnings despite a growing backlog of home sales.

The Fort Worth, TX-based company reported fiscal fourth quarter net income of $35.7 million, or 11 cents per share, compared with a net loss of $8.9 million, or -3 cents per share, in the year-ago period.

Revenue rose nearly 19% from last year to $1.1 billion.

On average, Wall Street analysts expected a higher profit of 14 cents per share, on matching revenue of $1.1 billion.

Looking ahead, the company noted that its sales backlog of homes as of Sept. 30 rose to 4,854 from 4,128 homes. As a result, DHI expects to turn a full-year profit in 2012, while analysts are looking for a full-year 2012 profit of 51 cents per share.

D.R. Horton shares fell 12 cents, or 1%, in premarket trading Friday.

The Bottom Line
Shares of D.R. Horton (DHI) have a 1.29% dividend yield, based on last night’s closing stock price of $11.66. The stock has technical support in the $9-$10 price area. If the shares can firm up, we see overhead resistance around the $12-$13.50 price levels.

D.R. Horton, Inc. (DHI) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.8 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here