Industry News

D.R. Horton reports quarterly loss

Tightened market, high inventory levels continue to challenge home builder

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D.R. Horton, one of the largest home builders in the U.S., on Thursday reported its first quarterly loss in a decade on plunging sales and a land write-off. The company's net loss for fiscal third quarter ended June 30 was $823.8 million, or $2.62 a share, compared with a profit of $292.8 million, or 93 cents a share, for the same fiscal quarter a year ago. The company said quarterly results included pretax charges to cost of sales of $835.8 million for inventory impairments and $16.2 million for write-offs of deposits and preacquisition costs related to land option contracts. Quarterly earnings also included a pretax goodwill impairment charge of $425.6 million. Home-building revenue for the third quarter of fiscal 2007 totaled $2.5 billion, compared with $3.6 billion in the same quarter of fiscal 2006, and homes closed in the current quarter totaled 9,643, compared with 13,377 homes closed in the year-ago quarter. For the nine months ended June 30, 2007, the company reported a net ...