D.R. Horton Reports Fiscal 2011 Second Quarter Results and Declares Quarterly Dividend

D.R. Horton

today reported net income for its second fiscal quarter ended March 31, 2011 of $27.8 million, or $0.09 per diluted share, which included a non-cash tax benefit of $59.2 million. The quarterly results also included $14.3 million in pre-tax charges to cost of sales for inventory impairments and land option cost write-offs. Net income for the same quarter of fiscal 2010 was $11.4 million, or $0.04 per diluted share. Homebuilding revenue for the second quarter of fiscal 2011 totaled $733.1 million, compared to $896.8 million in the same quarter of fiscal 2010. Homes closed in the quarter totaled 3,516 homes, compared to 4,260 homes in the same quarter of fiscal 2010.