D.R. Horton, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the quarter, revenues were $2,826.1 million against $2,361.1 million a year ago. Income before income taxes was $318.1 million against $241.3 million a year ago. Net income was $206.9 million against $157.7 million a year ago. Net income per share was $0.55 million against $0.42 million a year ago. Net cash used in operating activities was $33.3 million against $1.5 million a year ago. Purchases of property and equipment were $22.2 million against $20.1 million a year ago. The improvement in pre-tax profit margin was driven primarily by a 70 basis point decrease in homebuilding SG&A expense as a percentage of revenues.

The company reaffirms its previously issued fiscal 2017 guidance including a consolidated pre-tax profit margin of 11.2% to 11.5%, consolidated revenues of $13.4 billion to $13.8 billion, homes closed between 43,500 homes and 45,500 homes and cash flow from operations in the range of $300 million to $500 million. The company's fiscal 2017 results will be significantly impacted by the strength of the spring selling season, and the company will update its expectations as necessary each quarter.