NEW YORK (AP) — D.R. Horton Inc. says its loss narrowed in its fiscal fourth quarter, as the homebuilder took fewer writedowns on the value of its properties.
But revenue slid 9 percent as the company sold fewer homes in the quarter, and new orders dropped 21 percent. It said the housing market became even more challenging after a tax credit for first-time home buyers expired in April.
The Fort Worth, Texas, company said Friday it lost $8.9 million, or 3 cents per share, in the three months ended Sept. 30. That compares with a loss of $234.9 million, or 74 cents a share, in the prior-year period.
Revenue dropped to $925.7 million from $1.01 billion.
Thomson Reuters says analysts were expecting a loss of 4 cents a share on revenue of $854 million.