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."
by RTT Staff Writer
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