National home builder D.R. Horton swung to a loss in the first quarter of $128.8 million, from $109.7 million in earnings in the same period last year. Revenue from lot sales and home-building sales was $1.61 billion, down 41.7 percent from $2.76 billion last year.
The company took $245.5 million in pre-tax charges for inventory impairments and write-offs related to land option contracts.
Donald Horton, chairman of the board of directors for D.R. Horton, said in a statement that the company reduced inventory and reduced its number of owned lots by more than 10 percent in an attempt to control costs in the first quarter.
“Lending standards continue to be more restrictive than during the previous year, and buyers continued to approach the home buying decision cautiously. We expect the housing environment to remain challenging,” he said.
D.R. Horton is one of the country’s largest home builders, with operations in 82 markets in 27 states.