D.R. Horton Inc. DHI said Tuesday its first-quarter profit fell to $958.7 million, or $2.76 a share, from $1.14 billion, or $3.17 a share, in the year-ago period. Revenue increased to $7.26 billion from $7.05 billion. Wall Street analysts expected the home builder to earn $2.17 a share on revenue of $6.41 billion, according to estimates compiled by FactSet. Shares of D.R. Horton rose 1.9% in premarket trades. D.R. Horton Chairman Donald R. Horton said demographics supporting housing demand remain favorable, despite higher mortgage interest rates and economic uncertainty. The stock is up about 7% in the past 12 months, compared to an 8.9% drop by the S&P 500 SPX.
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