D.R. Horton Reaches a Six-Year High After Earnings Double
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D.R. Horton Inc., the largest U.S. homebuilder by volume, rose to a six-year high after reporting that fiscal second-quarter profit more than doubled as climbing demand and prices fuel a housing-construction recovery.
Net income was $111 million, or 32 cents a share, for the three months ended March 31, up from $40.6 million, or 13 cents, a year earlier, the Fort Worth, Texas-based company said in a statement today. The average estimate of 18 analysts was 19 cents a share, according to data compiled by Bloomberg.