D.R. Horton Reports Profit on Tax Benefit as Sales Decline
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D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, reported a surprise second-quarter profit as a tax benefit helped offset slumping sales.
Net income for the quarter ended March 31 was $27.8 million, or 9 cents a share, up from $11.4 million, or 4 cents, a year earlier, the Fort Worth, Texas-based company said in a statement today. The average estimate was for a loss of 5 cents a share, according to a Bloomberg survey of 18 analysts.