KB Home Posts Narrower Earnings Loss
KB Home (KBH) reported a quarterly loss of 2 cents per share, compared with 87 cents per share a year earlier. Revenue was $501 million in the quarter ended Aug. 31, the company said in a statement. That's a 9% increase from a year earlier.
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The company incurred $3.3 million of inventory impairment of land option contract abandonment charges in the quarter, compared with $47.7 million a year earlier. The number of homes delivered rose 4% to 2,320, while the average selling price rose 6% to $214,200.
"We believe our results for the quarter demonstrate that with the disciplined execution of our business strategies we are generating greater operational efficiencies and are making solid progress toward our goal of achieving sustained profitability," CEO Jeffrey Mezger said.
