FORT WORTH, Texas (AP) — D.R. Horton Inc. says its loss in its fiscal fourth quarter narrowed despite a plunge in revenue as the homebuilder wrote down fewer costs.
The loss for the quarter ended in September was $231.9 million, or 73 cents per share, compared with a loss of $799.9 million, or $2.53 per share, a year earlier.
Inventory writedown costs and other expenses totaled $192.6 million pretax in the latest quarter, versus $1.1 billion in 2008.
Revenue fell 42 percent to $1.01 billion.
On average, analysts surveyed by Thomson Reuters forecast a quarterly loss of 30 cents per share on revenue of $1.11 billion.
D.R. Horton says sales orders during the quarter rose 26 percent from last year, but more foreclosures, high inventories and rising unemployment remain a challenge for the industry.
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