Hefty Write-Down Charges Drive D.R. Horton to Post 1st-Quarter Loss, Revenue Drops Sharply
Hefty Write-Down Charges Drive D.R. Horton to Post 1st-Quarter Loss, Revenue Drops Sharply"Challenging" is the new code word for "our business is in the shitter".
FORT WORTH, Texas (AP) -- D.R. Horton Inc., the nation's largest homebuilder, said Thursday it swung to a loss in its fiscal first quarter, due to hefty charges to write off inventory and land values as the housing slump continues to worsen.
Losses for the quarter ended Dec. 31 totaled $128.8 million, or 41 cents per share, compared with profit of $109.7 million, or 35 cents per share, a year ago. The 2008 quarter includes $245.5 million in pretax charges to write down inventory and the value of land deposits...
"Market conditions remained challenging in our December quarter as inventory levels of both new and existing homes remained high while pricing remained very competitive,"
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