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One of America's premier home-builders, KB Home (NYSE:KBH), reported a Q1 loss today of $1.49 per share, a much wider loss than the expected $0.27 per share. Revenues for the quarter were down 25% year-over-year to $196.9 million, lower than the $223.6 million analysts had expected.Jeffrey Mezger, president and chief executive officer said, "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, Our first-quarter comparisons for both net orders and deliveries were negatively impacted by the temporarily elevated level of activity from the federal homebuyer tax credit that was available during the year-earlier period. While there is still uncertainty as to when a sustained housing recovery may occur, we believe that our operational business model and proven strategies will continue to provide us with a competitive advantage as we navigate through these persistently challenging times."