Horton D R Inc. (DHI) has reported an 18.71 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $283.60 million, or $0.75 a share in the quarter, compared with $238.90 million, or $0.64 a share for the same period last year.
Revenue during the quarter grew 17.93 percent to $3,741.30 million from $3,172.50 million in the previous year period.
Cost of revenue rose 16.33 percent or $409.60 million during the quarter to $2,918.40 million. Gross margin for the quarter expanded 107 basis points over the previous year period to 22 percent.
Horton D R forecasts revenue to be in the range of $13,400 million to $13,800 million for fiscal year 2017.
Donald R. Horton, Chairman of the Board, said, "With 40,309 homes closed in fiscal 2016, D.R. Horton completed its 15th year in a row as the largest builder in the United States. We generated positive cash flows from operations for a second consecutive year while growing both our revenues and pre-tax profits at a double-digit pace. Our consolidated pre-tax income increased 20% to $1.4 billion on revenues of $12.2 billion, and our consolidated pre-tax profit margin improved 70 basis points to 11.1%. Our homebuilding return on inventory improved 260 basis points from a year ago to 15.4%. Cash flow provided by operations was $618.0 million in fiscal 2016, totaling $1.3 billion for the past two fiscal years."
Operating cash flow declines
Horton D R Inc. has generated cash of $618 million from operating activities during the year, down 11.76 percent or $82.40 million, when compared with the last year.
The company has spent $112.60 million cash to meet investing activities during the year as against cash outgo of $95.40 million in the last year.
The company has spent $586 million cash to carry out financing activities during the year as against cash inflow of $117 million in the last year period.
Cash and cash equivalents stood at $1,303.20 million as on Sep. 30, 2016, down 5.82 percent or $80.60 million from $1,383.80 million on Sep. 30, 2015.
Real estate inventory moves up
Real estate inventory rose 6.84 percent or $533.90 million to $8,340.90 million on Sep. 30, 2016. Accounts payable stood at $577.50 million as on Sep. 30, 2016.
Total assets stood at $11,558.90million as on Sep. 30, 2016. On the other hand, total liabilities were at $4,765.90 million as on Sep. 30, 2016.
Return on assets was at 2.45 percent in the quarter. At the same time, return on equity was at 4.17 percent in the quarter.
Debt comes down
Total debt was at $2,798.30 million as on Sep. 30, 2016, down 16.06 percent or $535.30 million from year-ago. Shareholders equity was at $6,793 million as on Sep. 30, 2016. Meanwhile, debt to equity ratio was at 0.41 percent in the quarter.
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