FORT WORTH, TX -- D.R. Horton, Inc. (DHI), America's Builder, reported net income of $238.9 million for the fourth fiscal quarter, an increase of 44% compared to $166.3 million in the same quarter of fiscal 2014.
Homebuilding revenue for the fourth quarter of fiscal 2015 increased 28% to $3.1 billion from $2.4 billion in the same quarter of 2014. Homes closed in the quarter increased 23% to 10,576, compared to 8,612 homes in the year-ago quarter. Homebuilding revenue for the fiscal year ended September 30, 2015 increased 34% to $10.6 billion from $7.9 billion in fiscal 2014. Homes closed in fiscal 2015 increased 28% to 36,648, compared to 28,670 homes in fiscal 2014.
Net sales orders for the fourth quarter ended September 30, 2015 increased 19% to 8,477 homes from 7,135 homes in the year-ago quarter, and the value of net sales orders increased 22% to $2.5 billion from $2.0 billion. The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the fourth quarter of fiscal 2015 was 27%. Net sales orders for the fiscal year ended September 30, 2015 increased 26% to 37,380 homes from 29,709 homes in fiscal 2014, and the value of net sales orders increased 29% to $10.7 billion from $8.3 billion. The Company's cancellation rate for fiscal 2015 was 23%. Sales order backlog of homes under contract at September 30, 2015 increased 8% to 10,662 homes from 9,888 homes at September 30, 2014. The value of the backlog increased 10% to $3.1 billion at September 30, 2015 from $2.9 billion a year ago.
Donald R. Horton, Chairman of the Board, said, "With 36,648 homes closed in fiscal 2015, D.R. Horton is the largest builder in the United States for a 14th consecutive year. Fiscal 2015 was also our third consecutive year of 30% or greater growth in both home sales revenues and homebuilding pre-tax income. While significantly growing the business, we generated $700 million of cash from operations this year. In the fourth quarter, our consolidated pre-tax income increased 35% to $338.8 million, and our pre-tax operating margin improved 60 basis points to 10.7%. For the year, we generated a 38% increase in pre-tax income to more than $1.1 billion on consolidated revenues of $10.8 billion.
"We are well-positioned with our industry-leading market share, broad geographic footprint and diversified product offerings across our D.R. Horton, Emerald Homes and Express Homes brands. We are focused on growing our revenues and pre-tax profits at a double-digit annual pace, while continuing to generate positive cash flows and improved returns. Based on our solid balance sheet, liquidity and current and expected levels of profitability and cash flow, our Board of Directors increased our quarterly cash dividend by 28% to $0.08 per share. With a sales backlog of 10,662 homes and a robust lot supply and inventory of homes available for sale, we are ready to capitalize on market opportunities to deliver another strong performance in fiscal 2016."