Industry News

D.R. Horton reports $129 million Q1 net loss

Company works to reduce inventory of lots, homes

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D.R. Horton Inc. (NYSE: DHI), the largest home builder in the country, today reported a $128.8 million net loss in the first quarter of the fiscal year ended Dec. 31. The loss of 41 cents per share missed Wall Street expectations for a loss of 25 cents per share, based on analysts' opinion data provided by Thomson Financial Network. It is the latest in a series of gloomy financial reports by builders. On Wednesday, builder Toll Brothers announced that home-building revenues dropped 22 percent year-over-year in the first quarter, and a day earlier builder Standard Pacific Corp. announced a $449.9 million net loss in the fourth quarter of the 2007 calendar year and a full-year net loss of $767.3 million. D.R. Horton today reported $245.5 million in pre-tax charges related to inventory impairments and write-offs of deposits and pre-acquisition costs related to land-option contracts that the company will not pursue. Home-building revenue was $1.7 billion in the first quarter, c...