D.R. Horton & Xerox Corporation Jump After Earnings (NYSE:DHI, XRX)
D.R. Horton, Inc.(NYSE:DHI) shares jumped over 1% in the premarket session after the company posted a strong increase in its orders for the third straight quarter.
The company earned $40.6 million, or 13 cents a share, up 46% from a year ago profit of $27.8 million, or 9 cents a share, well ahead of analysts’ estimates of 4 cents.
Revenue during the quarter soared to $935.6 million from $733.1 million, again topping analysts’ estimates of $853.5 million.
Net sales orders grew 19% to 5,899 homes, while homebuilding revenue surged 28% to $935.6 million. Order backlog was valued at $1.4 billion, as of March 31.
Looking ahead, D.R. Horton said it expects to be out of its three-year cumulative loss position before the end of its fiscal year, if current trends continue. Home-sales gross margins are expected to remain in the mid-16% to mid-17% range, the company said.
Shares of the company are up 1.43% in the pre-open session.
Xerox Corporation(NYSE:XRX) shares also surged after the company said that its net earnings fell in the first quarter due to less increase in revenue.
The company reported net income of $269 million, or 19 cents per share, down over 4% from a year ago quarter earnings of $281 million. On an adjusted basis, the company earned 23 cents a share, in line with analysts’ estimates.
Revenue during the quarter grew 1% to $5.50 billion, versus analysts’ estimates of $5.45 billion.
For the second quarter, the company projects to earn 25 cents to 28 cents per share, excluding items, largely in line with analysts’ average expectations of 26 cents per share, according to Thomson Reuters.
The company said last quarter that it was experiencing problems at its technology unit, hurt by economic weakness in Europe, but growth in its services business had compensated for the decline.
Shares of XRX are up 1.65% to $8 in the pre-market session.