The Real Deal Miami

D.R. Horton widens loss

November 25, 2008 02:30PM

Homebuilder D.R. Horton says its fiscal fourth-quarter loss widened as it took more than $1 billion in impairment charges on owned inventory, land and lots sold and as it wrote off deposits. Fort Worth, Texas-based D.R. Horton said yesterday it lost $799.9 million, or $2.53 per share, for the quarter ending September 30. The homebuilder lost $50.1 million or 16 cents per share, a year earlier. Analysts surveyed by Thomson Reuters expected, on average, a loss of $1.88 per share. Amid the ongoing downturn in the housing market, D.R. Horton recorded an impairment charge of $364.7 million for land it currently owns, another $624.2 million in charges for land it sold during the quarter and $85.7 million in write-offs of deposits on land option contracts.