Fort Worth based homebuilder D. R. Horton reported financial results for its second quarter that dwarfed results from a year earlier.  The company's net income for the quarter ended March 31 increased 173 percent to 111.0 million or $0.32 per diluted share compared to net income for the second quarter of 2012 of $40.6 million or $0.13 per share.  Pretax income increased 236 percent to $142.1 million and its pre-tax income margin was up 550 basis points to 9.9 percent of revenues. 

Net sales orders rose 34 percent to 7,879 homes from 5,899 homes and closed transactions grew by 33 percent to 5,643 homes with a value of $1.4 billion, up 47 percent. The backlog in sales increased 54 percent in numbers of homes, 9,553 compared to 6,189 a year earlier, and 76 percent in the value of those homes, $2.4 billion up from $1.4 billion.

The company ended the quarter with $1.1 billion of homebuilding unrestricted cash and net homebuilding debt to total capital of 33.7%. Net homebuilding debt to total capital consists of homebuilding notes payable net of cash and marketable securities divided by total equity plus homebuilding notes payable net of cash and marketable securities.

Donald R. Horton, Chairman of the Board, said, the spring selling season was off to a strong start.  "Robust demand [is] driving higher sales volumes and favorable pricing, which is reflected in the 14% increase in our average selling price. We are in an excellent position to continue to meet increased sales demand and aggregate market share with 15,800 homes in inventory and 175,000 lots owned or controlled under option contracts, of which 58,000 lots are fully developed.

"The improvement in many of our operating metrics accelerated this quarter, expanding our pre-tax income margin to 9.9% and increasing our pre-tax income 236% to $142.1 million. Our homes sold, closed and in backlog all increased by greater than 30% compared to the year-ago quarter, while the dollar values increased 52%, 47% and 76%, respectively. With $250 million in pre-tax income through the first six months of the year, we have already exceeded our pre-tax profits for all of fiscal 2012."

Horton, which says it is the largest homebuilder in the United States, currently operates in 77 markets in 26 states throughout the U.S.  In addition to building homes across several price points the company provides mortgage financing and title services.