Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

KB Home Q1 Loss Narrows - Quick Facts

RELATED NEWS
Trade KBH now with 

KB Home (KBH: Quote) reported first-quarter net loss of $45.8 million or $0.59 per share, narrower than $114.53 million or $1.49 per share a year ago.

On average, 22 analysts polled by Thomson Reuters expected the company to report loss of $0.24 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter totaled $254.56 million, up 29% from $196.94 million in the prior-year quarter, reflecting higher deliveries and an increase in the average selling price. Analysts estimated revenues of $337.72 million.

Homes delivered increased 21% to 1,150 from 949 homes delivered in the year-earlier quarter.

Jeffrey Mezger, president and chief executive officer, said, "...We ended the quarter with a higher backlog compared to a year ago, although our orders moderated. At the same time, we posted growth in our deliveries and revenues and reduced our net loss significantly from the prior year. The strategic actions we implemented toward the end of last year, and plan to continue to emphasize this year, should have a more pronounced impact as the year unfolds. We believe these steps, along with the benefits of working with our new preferred mortgage lender, Nationstar Mortgage, in the coming quarters will generate further momentum in our business and, when combined with a stronger housing environment, should enable us to achieve profitability later this year."

Register
To receive FREE breaking news email alerts for KB Home and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved sharply lower over the course of the trading day on Wednesday, adding to the modest weakness seen in the two previous sessions. With the losses on the day, the major averages fell to their lowest closing levels in over a month. Democrats have climbed into the lead on a generic ballot, according to the results of a new CNN/ORC International poll, although the results may not be as positive for the party as they first appear. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.