D.R. Horton (NYSE: DHI), the largest homebuilder in the United States, announced Tuesday that it experienced a record loss due to worsening housing crisis.
The company had to write off $834.1 million of land and inventory and reduce its quarterly dividend to 7.5 cents a share from 15 cents.
The cut was necessary because the company’s fiscal second-quarter net loss constituted $1.31 billion, or $4.14 a share. On the whole the company had a $51 million operating loss as its revenue swooped down by 38 percent to $1.62 billion.
D.R. Horton’s shares have fallen 29 percent in the 12 months through yesterday.
D.R. Horton builds single-family homes in 83 markets, in 27 states. It employs 9,000 workers nationwide. The official slogan of D.R. Horton is "America 's Builder," rooted in the fact that the company occupies the top slot among America 's largest homebuilders.