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 . Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV