(Corrects fifth paragraph to say net income fell 81.5 pct, not
July 25 Homebuilder D.R. Horton Inc
reported a better-than-expected profit as it sold more homes at
higher prices in quarter ended June.
Demand for homes has remained strong despite a recent rise
in mortgage rates as a shortage of homes available for sale has
enabled builders to raise prices.
D.R. Horton, which sells homes priced between $100,000 and
$600,000, said average selling price rose 15 percent in the
Orders - a key indicator for builders, who do not book
revenue until they finish a house - rose 12 percent to 6,822
Net income fell 81.5 percent to $146 million, or 42 cents
per share, from $787.8 million, or $2.22 per share, a year
Analysts on average had expected earnings of 34 cents per
share, according to Thomson Reuters I/B/E/S.
The year-ago quarter included a $716.7 million tax benefit.
Third-quarter homebuilding revenue rose 47 percent to $1.64
D.R. Horton shares, which have gained about 7 percent value
this year, closed at $21.20 on the New York Stock Exchange on
(Reporting by Mridhula Raghavan in Bangalore; Editing by