Posted on 11/14/2006 1:52:14 PM PST by stainlessbanner
Largest U.S. homebuilder beats analyst estimates in fiscal fourth quarter, despite seeing quarterly profit drop 51 percent.
NEW YORK (Reuters) -- D.R. Horton, the largest U.S. homebuilder, said Tuesday that quarterly profit fell 51 percent as orders declined, but results topped forecasts.
Net sales orders for new homes fell 25 percent to 10,430 from 13,950, while the dollar amount of these orders fell 33 percent to $2.53 billion from $3.75 billion.
Homes closed fell 7 percent to 17,261, while the backlog of homes under contract fell 6 percent to 18,125.
Full story here
(Excerpt) Read more at money.cnn.com ...
Yet their stock closed up almost 10% on the day.
They beat estimates, despite a huge loss in earnings this quarter. Big profit margins perhaps?
Right now is definately the time to buy housing stocks ,,, all the bad news is in and they are rising on good quarterly reports (not fantastic but better than expected earnings) ,, their inventory of land continues to appreciate and with the RATS in power and higher taxes, hillarycare and such on the way the fed will be easing FOR SURE!
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