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(EMAILWIRE.COM, February 08, 2010 ) Dallas, Tx - During the last week most of the homebuilders closed with a weekly gain outperforming the US index. The rallied came after several big companies turned profitable after several years. Also the existing-home sales data, which unexpectedly rose in the month December boosted the sector further. Following are some of the top movers.
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D.R. Horton, Inc. (NYSE:DHI) on Monday reported that it swung to a quarterly profit earned $192 million, or 56 cents a share in the fiscal first-quarter, first-quarter, versus a net loss of $62.6 million, or 20 cents a share, in the corresponding period of the previous year. Home-building revenue also grew 23% y-o-y to $1.1 billion. Analysts had been expecting the home builders to report a loss of 13 cents on $960 million of revenues. of revenues. During the last week, the stock rallied over 6%.
On Tuesday, KB Home (NYSE:KBH) reported that the homebuilder turned a profit this quarter for the first time since early 2007. The company earned $100.7 million, or $1.31 a share, in their fiscal fourth quarter. In the fourth quarter of 2008, the builder lost $307.3 million, or $3.96 a share. Revenue dropped to $674.6 million from $919 million in the previous year. Analysts polled by Thomson Reuters expected a loss of 42 cents a share on revenue of $577.8 million. During the last week, the stock fell about 2.50%.
M.D.C. Holdings, Inc. (NYSE:MDC) closed mostly flat on the weekly basis. earned $127.2 million, or $2.68 a share, after losing $89 million in the prior-year period. M.D.C. saw a $142.6 million tax benefit during the period on recently enacted tax legislation on loss carrybacks. Analysts had anticipated a 25 cents a share loss. Revenue rose to $323.9 million from $296.2 million, and orders rose 82% to 637 homes. Friday Citigroup analyst Josh Levin downgraded the home builder to hold from buy, based on valuation.
Beazer Homes USA, Inc. (NYSE:BZH) also reported a stronger than expected results on Friday. Beazer swung to a fiscal first-quarter profit of $48 million, or $1.17 a share, after losing $80.3 million in the prior-year period. Revenue was virtually flat at $218.8 million, while new orders rose 37% to 728 homes. In the latest week, the stock rallied over 4.50%.
Pulte Homes, Inc. (NYSE:PHM) rose about 3% during the last week.
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