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UPDATE 1-D.R. Horton pulls outlook as sales cancellations rise amid coronavirus crisis

(Adds detail on the quarter)

April 7 (Reuters) - No.1 U.S. homebuilder D.R. Horton Inc on Tuesday withdrew its earlier outlook for the full year, citing a rise in cancellations and a drop in sales orders in late March and early April due to the coronavirus crisis.

“There is uncertainty regarding the extent and timing of disruption that COVID-19... will have on U.S. consumer confidence, demand for the company’s homes and availability of mortgage loans to homebuyers,” the company said.

D.R. Horton’s gross sales orders in March rose 14% to 8,511 homes, but cancellations surged to 2,020 homes from 1,368 homes in the same period a year earlier.

The company, which reported its preliminary results for the second quarter ended March, said home sales rose 8% to 14,539. (Reporting by Ankit Ajmera in Bengaluru; Editing by Ramakrishnan M.)

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