D.R. Horton (NYSE:DHI) shares moved higher in pre-market trading after the home builder’s third-quarter fiscal 2023 earnings topped expectations.
Earnings per share came in at $3.90, down 16% from the year-ago quarter’s $4.67 but above the Street estimate of $2.82, per Zacks Consensus Estimate.
Revenue increased 11% year-over-year to $9.7 billion, well ahead of the expected $8.35 billion.
“Despite continued higher mortgage rates and inflationary pressures, our net sales orders increased 37% from the prior-year quarter, as the supply of both new and existing homes at affordable price points remains limited and demographics supporting housing demand remain favorable,” D.R. Horton (NYSE:DHI) chairman Donald R. Horton said in a statement.
The company paid cash dividends of $85.2 million during 3Q and, subsequent to the quarter end, declared a quarterly cash dividend of $0.25 per share payable on August 14, 2023, to shareholders of record on August 7, 2023.
D.R. Horton shares added 4.5% at US$133.60 before the opening bell in New York.
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