Industry News

D.R. Horton earnings drop 50%

Home builder reports $278 million net income in Q4

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Home builder D.R. Horton Inc. (NYSI: DHI) today reported net income of $277.7 million for the fourth-quarter of the fiscal year, or 88 cents per diluted share. In fourth-quarter 2005 the company reported net income of $563.8 million, or $1.77 per diluted share. The company reported 17,261 closed homes in the fourth quarter, compared with 18,622 homes in fourth-quarter 2005. Fourth-quarter consolidated revenue was $4.9 billion, compared with $5.1 billion in fourth-quarter 2005. For the full fiscal year ended Sept. 30 net income was $1.2 billion, or $3.90 per diluted share, compared with $1.5 billion for the previous year. Consolidated revenue for the year totaled $15.1 billion, compared with $13.9 billion for fiscal year 2005. The company reported 53,099 total closed homes for the full fiscal year, compared with 51,172 homes for fiscal-year 2005. The company reported a sales order backlog of 18,125 homes under contract at Sept. 30, 2006, valued at $5.2 billion. That compares with 19,2...