Reported about 13 hours ago
D.R. Horton exceeded Wall Street expectations in its first-quarter earnings report, benefiting from a limited supply of existing homes that increased demand for new constructions despite rising mortgage rates. The company reported revenues of $7.61 billion and earnings of $2.61 per share, both above analysts' forecasts. The shortage is attributed to current homeowners hesitating to sell due to previous low interest rates, pushing buyers toward new homes. Although closed sales decreased slightly from the previous year, the company's strategies to adapt to market conditions have bolstered its performance.
Source: YAHOO