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.
