D.R. Horton Expecting Big Losses

$900 Million Loss Possible for 3Q

Tuesday, Nov 4, 2008  |  Updated 4:30 PM CDT
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D.R. Horton Expecting Big Losses

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Fort Worth's D.R. Horton is expecting losses of up to $900 Million in the 3rd quarter

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Homebuilder D.R. Horton Inc. says it expect to lose up to $900 million in its fourth-quarter, or about 18 times sharper than the prior-year period.

The Fort Worth-based company released the dismal preliminary results after the market closed on Election Day.

The builder expects the loss for the quarter ended Sept. 30 to range between $800 million and $900 million, including an expected tax benefit of $350 million.

The company posted a loss of $50.1 million, or 16 cents a share, in the same period last year.

The builder's quarterly revenue should total $1.5 billion, down from $3 billion last year.

 

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