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.