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Friday, November 20, 2009
D.R. Horton Sees Loss Narrow; Conditions Still Difficult
By Ken Sweet
FOXBusiness
Homebuilder D.R. Horton (DHI) reported weaker-than-expected earnings on Friday as the company continues to suffer from an industry undergoing a dramatic restructuring.
The nation’s second-largest homebuilder posted a loss of $231.9 million, or 73 cents a share, narrowing its year-ago loss of $799.9 million, or $2.53 a share. Revenue fell to $1.08 billion during the quarter.
The results missed the 30-cent loss per share on $1.11 billion in revenue that analysts had forecasted.
“Market conditions in the homebuilding industry are still challenging,” said Donald Horton, chairman of the company’s board, in a statement.
The homebuilder said sales orders climbed 21% to $1.03 billion while the cancellation rate improved to 27% from 47%. The company had an inventory of homes valued at $1.1 billion.
Shares of Horton were down 7% to $11.52 a share in the pre-market session.
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