November 12, 2012 at 08:18 AM EST
D.R. Horton’s Q4 Profit Rises, Beating View; Revenue Falls Short Despite Growing Backlog (DHI)

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.

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

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