D.R. Horton Profit Jumps; Shares Rise

D.R. Horton Profit Jumps; Shares Rise

DRHorton said Friday it turned a profit in the fiscal second quarter as the homebuilder reported a 19 percent increase in completed sales.

The company also reported a 55 percent spike in new home orders as its results outpaced analysts’ expectations.

The builder said it had a profit of $11.4 million, or 4 cents a share, for the three months ended March 31. A year earlier, it had a loss of $108.6 million, or 34 cents a share.

Revenue was $896.8 million, up 16 percent from $775.3 million. Analysts polled by Thomson Reuters expected a loss of 1 cent per share on revenue of $863 million…

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