D.R. Horton Inc , the No. 1 U.S. homebuilder, posted a quarterly profit on Tuesday as home closings soared due to the federal homebuyer tax credit.

Horton reported earnings of $50.5 million, or 16 cents per share, for the third quarter ended June 30, compared with a year-earlier loss of $143.8 million, or 45 cents per share.

Closings jumped 60 percent to 6,805 homes as buyers rushed to seal the deal before the federal tax credit deadline of June 30.

(Reporting by Helen Chernikoff; Editing by Lisa Von Ahn)