DR Horton Posts Loss on Fewer Writedowns

FORT WORTH, Texas (TheStreet) -- D.R. Horton(DHI) narrowed its fourth-quarter loss to $231.9 million, or 73 cents a share, as it recorded fewer writedowns.

The company said results in the latest quarter included $192.6 million in pretax charges to cost of sales for inventory impairments and writeoffs related to land. A year earlier, D.R. Horton posted a loss of $799.9 million, or $2.53 a share, which included $1.1 billion in pretax charges.

The homebuilder said revenue in the fourth quarter fell to $1.01 billion from $1.75 billion a year earlier. Homes closed in the quarter totaled 4,810, a drop of 31% from 6,961 homes closed a year earlier.

Analysts surveyed by Thomson Reuters expected a fourth-quarter loss of 30 cents a share on revenue of $1.11 billion.

"Our net sales orders in the September quarter reflected a 26% increase compared to the prior year quarter," said Chairman Donald Horton, in a statement Friday. "However, market conditions in the homebuilding industry are still challenging, characterized by rising foreclosures, high inventory levels of available homes, increasing unemployment, tight credit for homebuyers and weak consumer confidence. "

-- Reported by Joseph Woelfel in New York .

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