Loss widens at KB Home
Los Angeles-based KB Home saw revenues drop 25% to $196.9 million in its first quarter ended Feb. 28. For the three months, the builder posted a net loss of $114.5 million, compared with a loss of $54.7 million in the same quarter last year.
President and CEO Jeffrey Mezger pointed to some positive trends.
"Despite the many headwinds that persist in today's housing markets, our year-over-year pretax results, excluding noncash charges and the loss on loan guaranty, improved for the fourth consecutive quarter," he said.
Mezger added that the company is seeing higher traffic compared with a year ago.
The company delivered 949 homes in the first quarter of 2011, down 28% from the same period of 2010, with decreases in each of KB Home's geographic regions.