logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Walmart is ditching its dress code policy and is testing a new dress code that will allows "associates" to wear blue denim and shirts of any solid color. The updated dress coded guidelines now allow employees to wear blue "jeggings" and blue jeans and shirts of any solid color, according to a Walmart... Canadian investment firm Fairfax Financial Holdings Ltd. has submitted a "stalking horse" bid worth C$300 million, or $237 million, for the Canadian unit of Toys "R" Us, according to court documents. A stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on its assets. The car rental market in the U.S. is consolidating as large car rental companies are buying smaller, local companies to expand their portfolio of premium and value brands. The key players in the U.S. market include Enterprise Holdings, Hertz Global Holding and Avis Budget Group. Let's take a look at some of the best and worst car rental companies in the U.S.
Follow RTT