Yesterday was a busy day for public builders, according to Big Builder magazine.
Horton Reports $399.3 Million Loss
D.R. Horton, Inc. (NYSE:DHI) on Tuesday morning reported a net loss for its third fiscal quarter ended June 30, 2008 of $399.3 million (-$1.26 per diluted share). Analysts were expecting a loss of 70 cents a share. For the full story, click here.
A Testy Tomnitz Tangles with Analysts
Emotions ran high today during D.R. Horton's fiscal third quarter conference call, as CEO Don Tomnitz spoke passionately to analysts about his company's performance, his feelings on the recently passed housing legislation, and management's stubborn commitment to spec building. For the full story, click here.
Lyon Homes Reports $38.9 Million 2Q Loss
Despite a considerable drop in revenue, continued pressure on margins, and impairment charges, William Lyon Homes was able to tamp its losses for its most recent quarter compared to a year ago. The company logged a net loss of $38.9 million in 2Q2008 versus a $76.9 million loss in 2Q2007. For the full story, click here.
Hovnanian Adopts Poison Pill to Protect Tax Write-Offs
In move that could become common among home building companies desperate to preserve tax write-offs for their operating losses, Hovnanian Enterprises has installed a poison pill provision that would dilute the company's stock in the event that an outside entity purchased 4.9 percent or more of the company's outstanding stock. For the full story, click here.
Pulte Hatches Tax Credit Promotion
If the U.S. government's $7,500 tax credit is intended to lure would-be first-time home buyers off the proverbial fence, Pulte Homes has a plan that will all but yank them off of it. Beginning tomorrow, Aug. 5, the company is rolling out a new sales campaign that will allow first-time buyers to double their tax benefit. For the full story, click here.
