DR Horton Inc (NYSE:DHI) reported quarterly earnings that beat Wall Street expectations on both revenue and profit on Tuesday, even as net income declined year over year and homebuilding revenue softened.
The US homebuilder posted revenue of $7.56 billion for its fiscal second quarter ended March 31, compared with analyst expectations of $7.55 billion.
Earnings per share came in at $2.24, above estimates of $2.13.
Net income fell to $648 million from $810 million a year earlier, reflecting continued pressure in parts of the housing market despite steady demand levels.
Homebuilding revenue declined 2% to $7.1 billion, even as home closings increased 1% year over year, suggesting pricing pressure weighed on top-line performance.
For the full fiscal year, D.R. Horton forecast revenue between $33.5 billion and $34.5 billion, broadly in line with analyst expectations of $33.66 billion.
The results highlight a mixed backdrop for US homebuilders, who continue to navigate affordability constraints and shifting demand trends while benefiting from relatively resilient buyer activity in certain markets.
Shares of the company rose about 8% in morning trading.