DR Horton Q3 Misses, Stock Off 6%..builders in down trend!
By Tiernan Ray
DR Horton (DHI), the nation’s largest homebuilder by market cap, is falling hard, its shares down 65 cents, or 5.3%, at $11.60, after the company missed Q3 revenue estimates by 10% and a vastly deeper loss than expected.
Q3 sales fell 35% to $1.01 billion, missing the average $1.11 billion estimate, while the company’s net loss of 73 cents per share was more than double the 30-cent loss estimate. Revenue actually rose from Q2, but the so did the company’s losses.
Other homebuilders fell in sympathy, with Toll Brothers (TOL) off 40 cents, or 2%, at $20.11 and Pulte Homes (PHM) off 45 cents, or 5%, at $9.37.
