One-Time Tax Benefit Pushes D.R. Horton’s Q3 Earnings Higher (DHI)

Home builder D.R. Horton, Inc. (DHI) on Friday posted a sharp uptick in fiscal third quarter earnings, but much of the profit increase was due to a tax benefit tied to the housing market crash.

The Fort Worth, TX-based company reported third quarter net income of $787.8 million, or $2.22 per share, compared with $28.7 million, or 9 cents per share, in the year-ago period. The latest quarterly results included a massive one-time $716.7 million tax gain.

Revenue rose 14% from last year to $1.1 billion.

On average, Wall Street analysts expected still-higher sales of $1.19 billion.

D.R. Horton shares rose 20 cents, or +1.1%, in premarket trading Friday.

The Bottom Line
Shares of D.R. Horton (DHI) have a .80% dividend yield, based on last night’s closing stock price of $18.80. The stock has technical support in the $14-$16 price area. If the shares can firm up, we see overhead resistance around the $20-$21 price levels.

D.R. Horton, Inc. (DHI) is not recommended at this time, holding a DARS™ Rating of 3.1 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