D.R. Horton's net income up 86% in Q1

Forth Worth, Texas-based homebuilder D.R. Horton, Inc. reported robust growth in the first quarter of fiscal 2014, with net income up 86% year-over-year.

Homebuilding revenue for the first quarter ended Dec. 31, 2013 was up 33% to $1.63 billion since the first quarter of last year. Additionally, home closings were up 19%. In total, net revenue was $1.64 billion, compared to $1.23 billion year-over-year.

Net income came in at $123.2 million, up dramatically since last year's $66.3 million.

“Our fiscal 2014 is off to a great start," said chairman Donald R. Horton. "First quarter pre-tax income increased 76% to $189.7 million and our pre-tax income margin improved 290 basis points to 11.4%. The dollar value of our homes sold, closed and in backlog all increased by double-digit percentages. Our average sales price increased 10% to $275,600, reflecting pricing power across most of our markets and increased demand from move-up buyers."

“Housing market conditions continue to improve across most of our operating markets, and our weekly sales pace has accelerated in January," Horton continued. "We are well-positioned to capture demand in the spring selling season with a solid balance sheet, an increased community count, a robust finished lot supply and a strong inventory of homes available for sale.”