January 31, 2018 / 11:38 AM / 19 days ago

Homebuilder D.R. Horton's profit drops 8.5 pct

Jan 31 (Reuters) - D.R. Horton Inc reported an 8.5 percent drop in first-quarter profit on Wednesday as the No.1 U.S. homebuilder took a charge of $108.7 million due to changes in the tax law.

Net income attributable to the company fell to $189.3 million, or 49 cents per share, in the quarter ended Dec. 31, from $206.9 million, or 55 cents per share, a year earlier.

Revenue rose 14.8 percent to $3.33 billion. (Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur)

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