Home Builder Horton Swings to Profit in Quarter

Ft. Worth, TX, Aug. 3, 2010--Home builder D.R. Horton Inc. reported third quarter net income of $50.5 million, or $0.16 a share, compared with a loss of $143.8 million, or $0.45 a share, in the prior-year period.

Revenue jumped 51% to $1.38 billion, with the number of closed sales jumping 60% to 6,805 homes.

Horton said the reversal was due to homebuyers rushing to close on purchases before the end of June to qualify for federal tax credits.

Chairman Donald R. Horton said in a statement that, as expected, "market conditions in the homebuilding industry have become more challenging after the expiration of the tax credit."