WASHINGTON (dpa-AFX) - D R Horton Inc. (DHI) reported a profit for third quarter that Drops, from last year but beat the Street estimates.
The company's bottom line came in at $1.024 billion, or $3.36 per share. This compares with $1.353 billion, or $4.10 per share, last year.
Analysts on average had expected the company to earn $2.9 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period fell 7.4% to $9.225 billion from $9.965 billion last year.
D R Horton Inc. earnings at a glance (GAAP) :
-Earnings: $1.024 Bln. vs. $1.353 Bln. last year. -EPS: $3.36 vs. $4.10 last year. -Revenue: $9.225 Bln vs. $9.965 Bln last year.
Third-quarter Homebuilding revenue decreased to $8.6 billion from $9.2 billion a year ago.
David Auld, Executive Chairman, said: 'New home demand continues to be impacted by ongoing affordability constraints and cautious consumer sentiment.'
The company will pay a quarterly cash dividend of $0.40 per share on August 14, to stockholders of record as of August 7.
D R Horton has revised its annual revenue guidance. The home builder now expects revenue of $33.7 billion to $34.2 billion against its earlier expectation of $33.3 billion to $34.8 billion. For fiscal 2024, the company had recorded revenue of $36.801 billion.
For the full year, D R Horton now aims to repurchase $4.2 billion to $4.4 billion of shares, compared with the previous outlook of around $4 billion of shares.
The company still expects to pay around $500 million as dividends for the year.
DHI was up by 6.67% at $139.98 in the pre-market trade on the New York Stock Exchange.
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