Fort Worth-based homebuilder D.R. Horton reported a net loss of $399.3 million in the recent quarter, according to a release Tuesday morning from the company.
For the first nine months of the year, D.R. Horton reported a loss of $1.8 billion.
The quarterly loss includes $300.4 million in charges from unsold inventory and land positions that the company no longer plans to use. The loss also includes $168.7 million deferred tax assets during the quarter.
The homebuilder's loss is less deep than the $823.8 million lost during the same quarter a year ago. Between the two quarters, homebuilding sales were better a year ago. In the most recent quarter, the company had revenues of $1.4 billion and closed 6,167 homes. A year ago, the company's revenues were $2.5 billion, and D.R. Horton closed on 9,643 homes.
Premium content for only $0.99
For the most comprehensive local coverage, subscribe today.
The company is continuing to focus on controlling costs, said Donald R. Horton, chairman of the board, in a statement.
"Although market conditions in the homebuilding industry remain challenging, we continue to focus on reducing our inventory and generating cash flow from operations," he said, adding that the company had $390 million in cash flow from operations in the quarter and $1.4 billion for the year.
The 30-year-old company, the largest homebuilder in the country, builds in 27 states. The homes are generally priced between $90,000 and $900,000.