Gross profit margin held steady at 20% of sales, but a significant decline in expenses pushed bottom line profitability up a full percentage point, to 11% of sales.
"These results reflect the strength of our experienced operational teams, diverse product offerings through our family of brands and good market conditions across our broad national footprint," board Chairman Donald Horton said in a press release.
The company is prepared for a strong selling season ahead, and it has bulked up its inventory position for both houses and lots. Confidence around orders over the next few months has the company projecting a further uptick in profit margin to as much as 11.5% as it closes on as many as 45,500 sales. Its ability to hit those aggressive targets will depend on shopper habits over the critical spring selling period.
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