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| D.R. Horton reports 2Q results D.R. Horton, Inc., America's Builder, the largest homebuilder in the United States, reported a net loss for its second fiscal quarter ended March 31, 2009 of $108.6 million, or $0.34 per diluted share. The net loss for the same quarter of fiscal 2008 was $1.3 billion, or $4.14 per diluted share. Homebuilding revenue for the second quarter of fiscal 2009 totaled $775.3 million, compared to $1.6 billion in the same quarter of fiscal 2008. Homes closed totaled 3,585 homes, compared to 6,719 homes in the year ago quarter. For the six months ended March 31, 2009, the company reported a net loss totaling $171.1 million, or $0.54 per diluted share. The six-month results included pre-tax charges to cost of sales of $104.4 million of inventory impairments and write-offs of deposits and pre-acquisition costs related to land option contracts that the company does not intend to pursue. The net loss for the same period of fiscal 2008 was $1.4 billion, or $4.55 per diluted share. Homebuilding revenue for the six months ended March 31, 2009 totaled $1.7 billion, compared to $3.3 billion for the same period of fiscal 2008. Homes closed in the six-month period totaled 7, 653 homes, compared to 13,268 homes closed in the same period of fiscal 2008. The company's sales order backlog of homes under contract at March 31, 2009 was 4,581 homes ($963.0 million), compared to 8,947 homes ($2.1 billion), at March 31, 2008. Net sales orders for the second quarter totaled 4,160 homes ($844.5 million), compared to 7,528 homes ($1.7 billion) for the same quarter of fiscal 2008. The company's cancellation rate (cancelled sales orders divided by gross sales orders) for the second quarter of fiscal 2009 was 30%. Net sales orders for the first six months of fiscal 2009 were 6,937 homes ($1.4 billion), compared to 11,773 homes ($2.6 billion) for the same period of fiscal 2008. The company's homebuilding cash balance at March 31, 2009 was $1.5 billion. Net cash provided by operating activities for the first six months of fiscal 2009 was $978.6 million, including $161.0 million provided during the three months ended March 31, 2009. D.R. Horton has declared a quarterly cash dividend of $0.0375 per share. The dividend is payable on May 27, 2009 to stockholders of record on May 19, 2009. write your comments about the article :: © 2009 Construction News :: home page |