Industry News

Home builder D.R. Horton’s earnings sink

Chairman reports 'selling conditions are very difficult'

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Home builder D.R. Horton Inc. today announced net income of $292.8 million, which is 21.2 percent lower than third-quarter 2005 net income of $371.7 million. The company reported earnings of 93 cents per diluted share, compared with $1.17 per diluted share in third-quarter 2005. For the nine months of the fiscal year (through June 30), net income increased 5 percent to $955.6 million ($3.02 per diluted share), compared with $906.7 million ($2.85 per diluted share) in third-quarter 2005. Net sales orders for the quarter ended June 30 totaled 14,316 homes ($3.8 billion), compared with 14,980 homes ($4.1 billion) for the same quarter in the 2005 fiscal year. Net sales orders for the first nine months of fiscal 2006 increased 6 percent to 41,550 homes ($11.4 billion), compared with 39,282 homes ($10.9 billion) for the same period of fiscal 2005, according to the earnings announcement. The company's backlog of homes under contract at June 30 increased 4 percent to 24,956 homes ($7.4 billi...