Builder Swings To Loss On Charges

By: AP
By: AP


DALLAS (AP) - D.R. Horton says it swung to a loss in the second
quarter. The sustained housing slump forced the nation's largest
homebuilder to take hefty charges and write down the value of
property.
Fort Worth, Texas-based D.R. Horton posted a loss of 1.31
billion dollars, or $4.14 per share. That includes includes pretax
write-down charges of 834 million dollars.
Revenue plunged to 1.6 billion dollars, down from from 2.6
billion dollars a year ago.
On average, analysts surveyed by Thomson Financial expected a
loss of 39 cents per share on revenue of 1.36 billion dollars. Wall
Street estimates typically exclude one-time charges or gains.


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