Home builder D.R. Horton, Inc. (DHI) on Monday posted fiscal fourth quarter profits that beat Wall Street’s view, although its revenue fell short of expectations.
The Fort Worth, TX-based company reported fourth quarter net income of $100.1 million, or 30 cents per share, compared with $35.7 million, or 11 cents per share, in the year-ago period.
Revenue rose 21% from last year to $1.3 billion.
On average, Wall Street analysts expected a smaller profit of 28 cents per share, albeit on higher revenue of $1.37 billion.
On a positive note, DHI noted its backlog of home orders at the end of the quarter was the highest on record since 2007. A higher backlog is generally a good sign for a home builder, since it demonstrates rising customer demand.
D.R. Horton shares rose 48 cents, or +2.3%, in premarket trading Monday. The stock has surged 63% since the beginning of 2012.
The Bottom Line
Shares of D.R. Horton (DHI) have a .73% dividend yield, based on Friday’s closing stock price of $20.60. The stock has technical support in the $17-$18 price area. If the shares can firm up, we see overhead resistance around the $22-$23 price levels.
D.R. Horton, Inc. (DHI) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.