ARLINGTON, Texas (AP) _ D.R. Horton Inc. (DHI) on Tuesday reported fiscal fourth-quarter earnings of $505.3 million.
The Arlington-based company said it had net income of $1.35 per share.
The results exceeded Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
“With 56,975 homes closed in fiscal 2019, D.R. Horton completed its 18th consecutive year as the largest homebuilder in the United States,” said Donald R. Horton, chairman of the board. “ Over the last five years, we have grown our revenues by 119% and our earnings per share by 186%, while also generating $4 billion of cash flows from homebuilding operations, significantly increasing returns on inventory and equity and reducing our debt.”
The homebuilder posted revenue of $5.04 billion in the period. Its adjusted revenue was $4.98 billion, also exceeding Street forecasts. Eighteen analysts surveyed by Zacks expected $4.84 billion.
For the year, the company reported profit of $1.62 billion, or $4.29 per share. Revenue was reported as $17.46 billion.
D.R. Horton shares have risen 52% since the beginning of the year, while the Standard & Poor's 500 index has risen 23%. The stock has increased 53% in the last 12 months.
The company also updated its guidance and said it expects consolidated revenues of $18.5 billion to $19.0 billion in fiscal 2020.