DR Horton Inc. (DHI) Posts a Loss
Homebuilder D.R. Horton Inc. said Tuesday it swung to a loss in the fourth quarter as the company again wrote down the value of unsold homes and land options, and the housing market showed few signs of improvement.
Donald R. Horton, chairman of the nation's largest homebuilder by deliveries, said tighter lending standards and more cautious consumers contributed to further decline in housing during the late summer, with the numbers of unsold homes remaining high.
Horton said the housing market would "remain challenging" and that next year is likely to be worse. Horton said his company was cutting prices.
The results still topped the forecast of analysts surveyed by Thomson Financial, who predicted a loss of 66 cents per share on sales of $2.9 billion.
Analysts said they were surprised that Horton generated $800 million in cash flow during the September quarter by cutting costs, and they said the builder's write-downs were smaller in relative terms than those of other builders. 11.03 -0.22 -1.96
Donald R. Horton, chairman of the nation's largest homebuilder by deliveries, said tighter lending standards and more cautious consumers contributed to further decline in housing during the late summer, with the numbers of unsold homes remaining high.
Horton said the housing market would "remain challenging" and that next year is likely to be worse. Horton said his company was cutting prices.
The results still topped the forecast of analysts surveyed by Thomson Financial, who predicted a loss of 66 cents per share on sales of $2.9 billion.
Analysts said they were surprised that Horton generated $800 million in cash flow during the September quarter by cutting costs, and they said the builder's write-downs were smaller in relative terms than those of other builders. 11.03 -0.22 -1.96
Labels: DHI, DR Horton Inc.
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