Wednesday, November 5, 2008

D.R. Horton to Lose up to $900 Million in Q4

After the stock markets closed Tuesday with all eyes on the presidential election, home builder D.R. Horton Inc. warned investors that it expected to lose as much as $900 million in its fiscal fourth quarter -- about 18 times as much as in the prior-year period.D.R. Horton, one of the nation's largest home builders, projected a loss for the quarter ended Sept. 30 of $800 million to $900 million, including an expected tax benefit of $350 million. That works out to about $2.53 to $2.84 a share.

Analysts had forecast a loss of 58 cents a share on revenue of about $1.6 billion when D.R. Horton reports its financial results on Nov. 25, according to a poll by Thomson Reuters. In the year-ago period, D.R. Horton lost $50.1 million, or 16 cents a share. The company projected that revenue for the quarter would fall by half to $1.5 billion.Shares of Fort Worth-based D.R. Horton rose 19 cents to $6.87 in regular trading. The stock was down 11 cents in after-hours trading.

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