KB Home posts wider loss for fiscal 3Q
LOS ANGELES (AP) — KB Home says its fiscal third quarter loss widened, as the homebuilder delivered fewer homes compared to last year, when a federal tax credit affected results.
The Los Angeles company says it lost $9.6 million, or 13 cents per share, in the three months that ended Aug. 31. That compares with a loss of $1.4 million, or 2 cents a share, in the same period last year.
Revenue sank 27 percent to $367.3 million from $501 million the previous year.
Analysts polled by FactSet were expecting a loss of 16 cents a share on $390.4 million in revenue.
New home orders climbed 40 percent, while deliveries dropped 31 percent.
KB Home builds homes in 12 states and was ranked the fifth-largest homebuilder in the nation last year, by closings.