D.R. Horton's stock set to rise after profit and revenue beats, upbeat outlook

Shares of D.R. Horton Inc. were indicated up about 1.6% in premarket trading Tuesday, after the home builder reported fiscal fourth-quarter results that beat expectations and provided and upbeat outlook. Net income rose to $505.3 million, or $1.35 a share, from $466.1 million, or $1.22 a share, in the same period a year ago. The FactSet EPS consensus was $1.25. Revenue grew 11.7% to $5.04 billion, above the FactSet consensus of $4.83 billion. Homes closed rose 9% to 16,024 homes, above expectations of 15,840, while the value of closed homes increased 10% to $4.8 billion. Net sales orders increased 14% to 13,130 homes, beating expectations of 12,450, and the value of sales orders grew 16% to $4.0 billion. For fiscal 2020, the company expects revenue of $18.5 billion to $19.0 billion, above the FactSet consensus of $18.4 billion. The stock has rallied 12.1% over the past three months, while the SPDR S&P Homebuilders ETF has climbed 12.4% and the S&P 500 has gained 7.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.