D.R. Horton Q4 Results Miss Estimates, Shares Drop

NEW YORK - D.R. Horton Inc (DHI), the No. 2 U.S. homebuilder, reported a narrower fourth-quarter loss but missed analysts' expectations, sending its shares down almost 7 percent in premarket trading.

Horton on Friday posted a loss of $231.9 million, or 73 cents a share, for its fiscal fourth quarter, ended September 30, compared with a loss of $799.9 million, or $2.53 per share, a year earlier.

Homebuilding revenue fell 42 percent to $1.0 billion.

Analysts on average were expecting a loss of 30 cents a share on revenue of $1.10 billion, according to Thomson Reuters I/B/E/S.

Horton shares were at $11.42 in premarket trading, down from a Thursday close at $12.25 on the New York Stock Exchange.

"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," said Chairman Donald Horton.

The year-ago quarterly loss included $1.1 billion in pre-tax charges, the company said.

Source: Reuters

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