12:56 PM EDT, 07/18/2024 (MT Newswires) -- Shares of D.R. Horton ( DHI ) soared intraday Thursday after the homebuilder's fiscal third-quarter results unexpectedly advanced year over year while the company narrowed its revenue forecast for the full year.

Revenue increased to $9.97 billion for the three months ended June 30 from $9.73 billion the year earlier and surpassed the $9.61 billion average analyst estimate on Capital IQ. Earnings per share climbed to $4.10 from $3.90 year over year and beat the $3.79 GAAP consensus.

Homebuilding revenue increased 6% to $9.24 billion while homes closed rose 5% to 24,155 units. Orders edged up 1% to 23,001 homes and were flat in value at $8.7 billion. Shares of DR Horton ( DHI ) were up 11% in midday trade.

"Although inflation and mortgage interest rates remain elevated, the supply of both new and existing homes at affordable price points is still limited, and demographics supporting housing demand continue to be favorable," Executive Chairman David Auld said in a statement.

Revenue from D.R. Horton's ( DHI ) rental operations was $413.7 million, compared with $667.1 million in 2023's third quarter. Financial services revenue rose to $242.3 million from $228.5 million.

Revenue at Forestar ( FOR ) , a residential lot development company that's majority owned by D.R. Horton ( DHI ), dipped to $318.4 million from $368.9 million in the year-ago period.

Pointing to current market conditions and year-to-date results, the company narrowed its consolidated revenue guidance to a range of $36.8 billion to $37.2 billion for fiscal 2024, compared with its prior forecast between $36.7 billion and $37.7 billion. The market view is for revenue of $36.9 billion in the ongoing year.

The company is now projecting homes closed in its homebuilding operation will reach between 90,000 and 90,500 homes this year, compared with its previous expectation of 89,000 to 91,000 homes.

Price: 174.11, Change: +16.60, Percent Change: +10.54