DHI Results Much Ahead Of Expectations

DR Horton (NYSE: DHI) reported its Q1 EPS at $0.60 with items, as compared to consensus expectations for a loss of $0.13. DHI reported a tax benefit of $149.2 million for the quarter, versus a tax provision of $1.3 million in the year ago quarter.

DHI’s results for the current quarter included $1.2 million in pretax charges to the cost of sales for inventory impairments and write-offs of deposits and pre-acquisition costs. In the same quarter a year ago, the company had taken pre-tax charges of $56.2 million.

DHI moved up 0.76% in pre-market trading.