Third-quarter losses narrower at D.R. Horton

D.R. Horton recorded narrower -- but still significant -- losses in the third quarter. The home builder, one of the largest in the United States, lost $399.3 million in the period, compared with $823.8 million in losses in the same period last year.

The company took a $500 million charge for write-offs and folded land options contracts. In all, revenue from home and lot sales totaled $1.43 billion, down 43.9 percent from $2.55 billion in the same period.

“Although market conditions in the home-building industry remain challenging, we continue to focus on reducing our inventory and generating cash flow from operations,” said Donald R. Horton, chairman of the company’s board of directors, in a statement.

The company’s sales backlog of homes under contract as of June 30 was 8,281 homes, worth an estimated $1.9 billion. That’s significantly lower than the 15,801, worth around $4.4 billion, at the same time last year.

D.R. Horton has operations in 80 markets in 27 states.

Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.
© 2014 Home Channel News. All Rights Reserved.