Earnings

2020 home sales will be above estimates

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A sold sign stands outside a new home in the D.R. Horton Cambridge at Southbury development in Oswego, Illinois.

Daniel Acker | Bloomberg | Getty Images

D.R. Horton topped expectations for profit and revenue in the fourth quarter and forecast 2020 home sales above analysts’ estimates, as cheaper mortgage rates buoyed demand from buyers, sending shares in the biggest U.S. homebuilder up 3%.

Home sales rose 9.2% to 16,024 units in the quarter, underpinning a 10-cent beat on profit as it predicted it would sell more than 60,000 homes next year.

JMP Securities analyst Peter Martin said that lower official interest rates and the company’s strategy of building more affordable homes had eased some…



Source cnbc.com

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