logo
Share SHARE
FONT-SIZE Plus   Neg

KB Home Q1 Loss Narrows - Quick Facts

KB Home (KBH) 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."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alaska Air Group Inc., which completed its $2.6 billion acquisition of Virgin America last year, said that the combined company will adopt Alaska Air's name and logo. The Virgin America name will be retired, "likely sometime in 2019," the airline added. Apple Inc. has agreed to acquire Workflow, an iOS app for automating tasks, as well as its development team for an undisclosed sum. Workflow is a personal automation tool that enables the user to drag and drop combination of actions to create workflows for the iPhone, iPad and Apple Watch. After long negotiations to win over one of the largest and fastest growing smart phone markets, Apple has decided to assemble its 4-inch screen iPhone SE in India.
comments powered by Disqus
Follow RTT