Horton Falls as Fourth-Quarter Loss Exceeds Estimates

D.R. Horton Inc., the second-largest U.S. homebuilder, reported a fourth-quarter loss that exceeded analysts’ estimates and said the housing outlook remains difficult. The shares fell as much as 11 percent, the most since May.

The net loss for the three months ended Sept. 30 was $231.9 million, or 73 cents a share, the Fort Worth, Texas- based company said today in a statement. The average estimate of 8 analysts in a Bloomberg survey was for a loss of 24 cents.

Revenue slumped 44 percent to $1 billion as the number of completed sales dropped 31 percent, Horton said. While orders rose 26 percent, the first gain in more than three years, the company didn’t project a recovery for 2010 even after resuming purchases of finished home sites this year to prepare for an increase in demand.

Read Full Article from Bloomberg

- Posted: 2009-11-20 10:57:26

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