D.R. Horton, Inc. (DHI) has reported a 17.48 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $229.20 million, or $0.60 a share in the quarter, compared with $195.10 million, or $0.52 a share for the same period last year.
Revenue during the quarter grew 17.46 percent to $3,251.30 million from $2,767.90 million in the previous year period.
Cost of revenue rose 17.54 percent or $380.60 million during the quarter to $2,549.90 million. Gross margin for the quarter contracted 5 basis points over the previous year period to 21.57 percent.
D.R. Horton, Inc. expects revenue to be in the range of $13,600 million to $14,000 million for financial year 2017.
Donald R. Horton, Chairman of the Board, said, "The D.R. Horton team produced strong results in our second quarter, as our consolidated pre-tax income increased 18% to $353.9 million on $3.3 billion of revenues. The spring selling season is going well, as the value of our net sales orders increased by 52% sequentially from the December quarter and 17% from the March quarter last year. These results reflect the strength of our experienced operational teams, diverse product offerings through our family of brands and good market conditions across our broad national footprint."
Operating cash flow turns negative
D.R. Horton, Inc. has spent $140.80 million cash to meet operating activities during the first half as against cash inflow of $26.90 million in the last year period.
The company has spent $73.40 million cash to meet investing activities during the first six months as against cash outgo of $6.70 million in the last year period.
The company has spent $95.80 million cash to carry out financing activities during the first six months as against cash outgo of $179.90 million in the last year period.
Cash and cash equivalents stood at $993.20 million as on Mar. 31, 2017, down 18.86 percent or $230.90 million from $1,224.10 million on Mar. 31, 2016.
Real estate inventory stood at $9,038.10 million as on Mar. 31, 2017. Accounts payable increased 16.23 percent or $81.10 million to $580.90 million on Mar. 31, 2017.
Total assets grew 5.49 percent or $620.90 million to $11,921.10 million on Mar. 31, 2017. On the other hand, total liabilities were at $4,701 million as on Mar. 31, 2017, down 6.93 percent or $350.20 million from year-ago.
Return on assets moved up 20 basis points to 1.92 percent in the quarter. At the same time, return on equity moved up 5 basis points to 3.17 percent in the quarter.
Total debt was at $2,803.40 million as on Mar. 31, 2017. Shareholders equity stood at $7,220.10 million as on Mar. 31, 2017, up 15.54 percent or $971.10 million from year-ago. As a result, debt to equity ratio went down 12 basis points to 0.39 percent in the quarter.
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