DR Horton Closes On 58,000 Homes in 2005
D.R. Horton had a banner year for 2005, and is expecting a solid year in 2006
D.R. Horton Inc., the nation’s largest homebuilder, on Thursday boosted its fiscal year earnings forecast, projected closing on a record 58,000 homes for the year and touted 29 percent first-quarter growth, despite signs that the housing market is leveling off.
Horton Chief Executive Don Tomnitz said improved sales and margins produced $310.1 million net income, or 98 cents per share, up from $241 million, or 76 cents a share, a year ago. Fort Worth-based D.R. Horton also raised its fiscal 2006 earnings-per-share outlook to a range of $5.25 to $5.35, and said it expects a second-quarter profit of $1.05 to $1.10 per share. In November, the company forecast fiscal-year earnings of $5.22 to $5.32 per share.
“We plan to continue to focus on the basics of the homebuilding business and distance ourselves from our competitors,” said Tomnitz, whose company is anchored by first-time homebuying. Last year, the company closed its 2005 fiscal year Sept. 30 with slightly more than 51,000 home closings and pledged to raise that number by almost 7,000.
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