WASHINGTON (dpa-AFX) - (Adds Outlook, stock movement)
D.R. Horton, Inc. (DHI) has lowered its annual revenue outlook below analysts' forecast.
The company now expects full-year revenue of $33.3 billion to $34.8 billion, lesser than the prior guidance of $36 billion to $37.5 billion.
Analysts on average expect DHI to report revenue of $36.14 billion, for the year.
For the full year, D.R. Horton now anticipates to repurchase around $4 billion of shares, compared with the earlier outlook of $2.6 to $2.8 billion.
Homes closed by homebuilding operations is now projected to be in the range of 85,000 to 87,000 homes, compared with previous expectation of 90,000 to 92,000 homes.
Further, the company has reaffirmed its plan to pay dividend of around $500 million, for the year.
DHI was down by 3.11 percent at $113.88 in the pre-market trade on the New York Stock Exchange.
Q2 Results:
D.R. Horton released a profit for second quarter that decreased from last year and missed the Street estimates.
The company's earnings totaled $810.4 million, or $2.58 per share. This compares with $1.172 billion, or $3.52 per share, last year.
Analysts on average had expected the company to earn $2.65 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period fell 15.1% to $7.734 billion from $9.107 billion last year.
D R Horton Inc. earnings at a glance (GAAP) :
-Earnings: $810.4 Mln. vs. $1.172 Bln. last year. -EPS: $2.58 vs. $3.52 last year. -Revenue: $7.734 Bln vs. $9.107 Bln last year.
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