D.R. Horton Inc. (NYSE: DHI) reported fourth-quarter and fiscal year 2013 earnings before markets opened Tuesday morning. The home builder posted quarterly diluted earnings per share (EPS) of $0.40 on revenues of $1.82 billion. In the same period a year ago, the company reported EPS of $0.30 on revenues of $1.3 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.40 and $1.78 billion in revenues.

For the fiscal year, D.R. Horton posted EPS of $1.33 on revenues of $6.1 billion. In the prior year the company had EPS of $2.77 on revenues of $4.2 billion. Prior year EPS included a one-time, non-cash gain of $716.7 million related to a valuation allowance for its deferred tax asset. Consensus estimates called for full-year EPS of $1.29 on revenues of $6.02 billion.

The company did not offer any guidance, but the consensus first-quarter estimates call for EPS of $0.30 on revenues of $1.63 billion. For the next full fiscal year, Horton is expected to post EPS of $1.59 on revenues of $7.51 billion.

The company’s CEO said, “Our fourth quarter provided a solid finish to a great year. In fiscal 2013, our homebuilding and financial services operating results improved significantly …”

Full-year revenues included $61.1 million in land and lot sales, up from $17.8 million in the prior year. The company also took $31.1 million in inventory and land option charges in the year, with $27.1 million coming in the third quarter. In the prior year, land option charges totaled $6.2 million.

The company closed sales on 24,155 homes in the 12 months to September 30, and its sales order backlog going in the first quarter of its next fiscal year is up 13% to 8,205. The value of that backlog is up about 32% to $2.21 billion. Both the number of homes in the backlog and their value have dropped from a reported backlog of 9,911 homes at a value of $2.6 billion at the end of the third quarter.

D.R. Horton’s average sales price increased 15% to $261,400 year-over-year but fell from $268,000 at the end of the third quarter.

D.R. Horton closed at $18.06 Monday, in a 52-week range of $17.52 to $27.75. Shares were down fractionally in premarket trading Tuesday. Thomson Reuters had a consensus analyst price target of around $24.00 before the report.

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