On Friday, BloggingStocks reported on the earnings announcement from Los Angeles, Calif.- based-KB Home (KBH). Following the announcement, CEO Jeffrey Mezger held an earnings conference, painting a relatively dour outlook for his business and his industry.
During the conference call Mezger explained that KB Home was making efforts to manage through the current environment, because he did "not expect a sustained rebound in the overall U.S. housing market in the near-term." Rising unemployment and an unfavorable supply/demand picture from foreclosures, he said, will continue to weigh on KB Home's results. (The company reported that it lost $1.03 in its quarter ending May 31.)