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D.R. Horton Up Big on First Quarter Earnings

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Shares of the home-builder D.R. Horton, Inc. (NYSE:DHI) are advancing this morning after the company revealed a jump in first quarter profits of 86 percent. The home-builder reported earnings of 36 cents a share, which came in seven cents above estimates. Revenues also came above estimates. The improving housing market helped propel D.R. Horton’s numbers in the first quarter. For example, orders increased four percent in the quarter to 5,454 and gross margin on home sales experienced a raise of 3.5 percentage points. Higher closing prices increased the average selling price for a home by D.R. Horton to $275,600.