D.R. Horton released its fiscal year 2016 first quarter results this morning. The nation's largest builder saw increases saw net sales orders increase 12% in value to $2.4 billion and 9% in homes to 8,064, homes closed increase 4% in value to $2.3 billion and 1% in homes to 8,061, and ales order backlog increased 16% in value to $3.2 billion and 15% in homes to 10,665.

Wall Street seemed pleased with the reults. UBS' Susan Maklari said it was "Smooth Sledding to Start the Year" (no doubt playing off the East Coast's massive snowstorm in her write up).

Here's more from Maklari:
"Unit orders rose 9% YOY vs. our +15% forecast, as a gain of 22% in the Southeast offset a 28% decline in the Midwest (off a difficult comparison of +52% in F1Q15) and more modest growth in other regions. In turn, unit backlog +15% YOY providing 3 months of visibility based on our forecast. In our view, the results this quarter reflect D.R. Horton's operating acumen as well as its greater focus on spec construction, allowing for more even production."

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