RTTNews | Jul 22, 2021 07:13AM EDT

07:13 Thursday, July 22, 2021 (RTTNews.com) - D.R. Horton, Inc. (DHI) Thursday reported net income of $1.116 billion or $3.06 per share in the third quarter, higher than $630.7 million or 1.72 per share in the same quarter a year ago. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $2.81 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter increased 35% year-over-year to $7.285 billion. The consensus estimate was for $7.19 billion.

"Housing market conditions remain very robust, with homebuyer demand exceeding our current capacity to deliver homes across all of our markets," said Donald R. Horton, Chairman of the Board.

Looking forward to the full-year, the company expects revenue to be in the range of $27.6 billion to $28.1 billion. Analysts see revenue of $27.4 billion for the period.

"After starting 22,600 homes during the quarter, our homes in inventory at June 30, 2021 increased 44% from a year ago to 47,300 homes, positioning us to finish fiscal 2021 strong and produce double-digit volume growth in fiscal 2022," Horton added.

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