D. R. Horton (NYSE: DHI) reported Q3 EPS of $1.18, $0.10 better than the analyst estimate of $1.08. Revenue for the quarter came in at $4.44 billion versus the consensus estimate of $4.32 billion.

• Net income attributable to D.R. Horton increased 57% to $453.8 million or $1.18 per diluted share
• Consolidated pre-tax income increased 39% to $616.2 million
• Consolidated pre-tax profit margin improved 210 basis points to 13.9%
• Net sales orders increased 13% in value to $4.4 billion and 12% in homes to 14,650
• Homes closed increased 16% in value to $4.3 billion and 13% in homes to 14,114

Donald R. Horton, Chairman of the Board, said, “The D.R. Horton team is producing strong results in fiscal 2018. Net income for the quarter increased 57% to $453.8 million on a 17% increase in consolidated revenues to $4.4 billion. Our pre-tax profit margin improved 210 basis points to 13.9%, and the value of our net sales orders increased 13%. For the nine months ended June 30, 2018, consolidated pre-tax income, homebuilding revenues and homes closed increased 30%, 16% and 14%, respectively. These results reflect the strength of our experienced operational teams, diverse product offerings from our family of brands and solid market conditions across our broad national footprint.

“Our balance sheet strength, liquidity and continued earnings growth are increasing our strategic and financial flexibility, and we plan to maintain our disciplined, opportunistic position to enhance the long-term value of our company. We continue to expect to grow our revenues and pre-tax profits at a double-digit annual pace, while generating increasing annual operating cash flows and returns. With 29,800 homes in inventory at the end of June and 277,700 lots owned and controlled, we are well-positioned for the fourth quarter and fiscal 2019.”

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