D.R. Horton shares jump 20%

D.R. Horton, Inc. (NYSE:DHI) shares are finally back above $7 after posting a Q1 net loss of $62.6 million.

Despite today's 20% gain in DHI shares, over the past year the stock has fallen 58%.

D.R. Horton (NYSE:DHI) posted a net loss of $62.6 million, or 20 cents per share, during the first fiscal quarter. That compares to a first-quarter profit of $128.8 million, or 41 cents per share, for the same period ending Dec. 31, 2007.

Home building revenue for the first quarter of fiscal 2009 hit $900.3 million, down from $1.7 billion during the previous year.

The company also closed on fewer homes -- 4,068 -- in the most recent quarter, down from 6,549 the previous year.

D.R. Horton’s chairman of the board, Donald R. Horton, said his industry continues to feel the effects of rising foreclosures, high inventory levels, higher unemployment and tighter credit conditions for borrowers.

“We have generated positive case flow from operations in each of the past 10 quarters, and we will continue to focus on maintaining our strong liquidity position and balance sheet,” Horton said. “We plan to generate positive operating cash flow in fiscal 2009, in addition to the cash provided by any federal income tax refunds.”

Bottom line, housing and D.R. Horton have a long road ahead of them.