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D.R. Horton fiscal Q3 net income up 13% YOY

D.R. HortonInc. logged net income of $249.8 million, or 66 cents per share,for the fiscal third quarter ended June 30, reflecting a 13% increase from$221.4 million, or 60 cents per share in the year-ago period.

The S&P Capital IQ consensus EPS estimate for the fiscalthird quarter was 66 cents.

Homebuilding revenue for the third quarter was approximately$3.12 billion, up 9% from approximately $2.86 billion in the third quarter of2015. Homes closed during the quarter also increased 9% to reach 10,739, upfrom 9,856 in the year-ago period.

Net sales orders were up 13% to 11,714 homes compared to10,398 homes in the year-ago period, and the value of net sales ordersincreased 14% to approximately $3.44 billion from approximately $3.01 billionin the third quarter of 2015.

The company's sales-order backlog for homes was 15% higheryear over year with 14,670 homes under contract at the end of the quarter, andthe backlog value of $4.4 billion was 17% above year-ago levels.

Net cash from operations for the first nine months of thefiscal year was $88.6 million.

The homebuilder declared a quarterly cash dividend of 8cents per common share, payable Aug. 19 to stockholders on record as of Aug. 8.