Wednesday, March 7, 2007

DR Horton: "2007 Is Going to Suck"

From CNN:

"I don't think '08 is going to be a great year, but it's going to be much better than '07," CEO Don Tomnitz told the Citigroup Industrial Manufacturing Conference

He also said: "'07 is going to suck."

D.R. Horton said it may have to make further write-offs to reflect unsold homes or lower land values.

"We may have more impairments coming," Tomnitz said. "We'll know that on a quarter-by-quarter basis."

Pretty hard to misinterpret that comment.