D.R. Horton posts $50.5M profit for 3rd quarter

[August 03, 2010]  FORT WORTH, Texas (AP) -- Home builder D.R. Horton Inc. says it reversed its year-ago loss in its fiscal third quarter as homebuyers raced to close on purchases before the end of June to qualify for federal tax credits.

But with the credits now expired, new sale orders dipped 3 percent.

Chairman Donald R. Horton says that, as expected, "market conditions in the homebuilding industry have become more challenging after the expiration of the tax credit at the end of April."

The company said Tuesday it had net income of $50.5 million, or 16 cents a share, in the three months ended June 30. That compares with a loss of $143.8 million, or 45 cents a share, in the prior-year period.

Revenue jumped 51 percent to $1.38 billion.

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Online:

D.R. Horton: http://www.drhorton.com/

[Associated Press]

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