08:31 AM EDT, 04/18/2024 (MT Newswires) -- D.R. Horton ( DHI ) on Thursday delivered better-than-expected fiscal second-quarter results, prompting the homebuilder to lift its full-year revenue outlook.

The company now anticipates revenue to be in a range of about $36.7 billion to $37.7 billion for fiscal 2024, up from its prior guidance of $36 billion to $37.3 billion. The consensus on Capital IQ is for revenue of $36.93 billion. Homes closed are pegged at 89,000 to 91,000, compared with the company's previous projections of 87,000 and 90,000 homes.

D.R. Horton's ( DHI ) shares were up 3% in recent premarket activity.

"Based on our performance and position, we are increasing our fiscal 2024 guidance for homes closed and consolidated revenues," Chair Donald Horton said in a statement. "Our strong liquidity and low leverage provide us with significant financial flexibility, and we plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company."

For the three months through March 31, the company reported per-share earnings of $3.52, up from $2.73 the year before, surpassing the Street's view for $3.05. Revenue climbed 14% to $9.11 billion, topping analysts' $8.23 billion estimate.

Homebuilding revenue advanced 13% to $8.47 billion, while the number of homes closed grew 15% in the quarter to 22,548. Net sales orders gained 14% to 26,456 homes, with the value of the orders jumping 17% to $10.06 billion. Orders surged 46% from the previous quarter and increased despite elevated inflation and mortgage interest rates, according to Donald Horton.

"The D.R. Horton ( DHI ) team delivered solid results in the second fiscal quarter," the chair said. "The supply of both new and existing homes at affordable price points is still limited, and demographics supporting housing demand continue to be favorable."

D.R. Horton's ( DHI ) cancellation rate came down to 15% from 18% in the prior-year quarter. The company had 45,000 homes in inventory at the end of March, of which 27,600 were unsold.