ADVFN - Advanced Financial Network.
HOME» NYSE » K » KBH Stock Price » KBH Stock News

Kb Home Share News

 Kb Home Stock Price
KBH Stock Price
 Kb Home Stock Chart
KBH Stock Chart
 Kb Home Stock News
KBH Stock News
 Kb Home Company Information
KBH Company Information
 Kb Home Stock Trades
KBH Stock Trades

KB Home 2Q Loss Widens As Deliveries, Orders Slide

DOW JONES NEWSWIRES Builder KB Home (KBH) recorded a wider-than-expected fiscal second-quarter loss as new home deliveries and orders tumbled. Shares were recently off 4% to $11.44 in premarket trading. As of Tuesday's close, the stock is down 12% year to date. "Uncertainty and caution about the economy are keeping many qualified homebuyers from entering the market, even though historically high housing affordability makes this a good time to buy," Chief Executive Jeffrey Mezger said. "We believe the current housing market conditions will likely continue until there are meaningful and sustained improvements in job growth and consumer confidence." The homebuilder has struggled in recent quarters as orders have plunged and charges have weighed on its bottom line. Like other homebuilders, KB Home has faced tough year-over-year comparisons due to the effect on year-ago results of a federal tax credit for first-time homebuyers. The battered housing market has been among the most troublesome features of the U.S. economic recovery. Last week, the U.S. Census Bureau reported builders are now on track to sell 319,000 new homes in 2011, far from the 1 million-plus pace seen ahead of the housing bust. For the quarter ended May 31, KB reported a loss of $68.5 million, or 89 cents a share, compared with a year-earlier loss of $30.7 million, or 40 cents a share. The results included a charge of $25.7 million related to a valuation allowance, compared with a similar charge of $12.8 million a year earlier. Revenue fell 27% to $271.7 million. Analysts polled by Thomson Reuters most recently forecast a loss of 31 cents on revenue of $257 million. Orders fell 11% to 1,998 homes. New home deliveries slid 29% to 1,265 homes. The company's backlog, an indication of future business, fell 24%, while the cancellation rate edged up to 25%. Earlier this month, KB Home reported it would pay between $216 million and $240 million to settle legal actions related to Inspirada, a failed land deal outside Las Vegas. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; [email protected]

Stock News for Kb Home (KBH)
01/18/201708:00:00KB Home Recognized for Building Its 100,000th ENERGY STAR® Certified...
01/12/201717:14:17Amended Statement of Ownership (sc 13g/a)
01/12/201709:35:00Hot Stocks to Watch in the U.S. and Canada
01/11/201717:35:00KB Home Sales Climb, Though Profit Is Pressured
01/11/201716:16:13Current Report Filing (8-k)
01/11/201716:05:00KB Home Reports 2016 Fourth Quarter and Full Year Results
01/05/201708:00:00KB Home Announces the Grand Opening of Centerpointe in Downey
12/16/201614:31:23Amended Statement of Ownership (sc 13g/a)
12/15/201616:59:49Current Report Filing (8-k)
12/15/201606:30:00KB Home Announces $100 Million Optional Redemption of 9.100...
12/09/201608:00:00KB Home Announces the Grand Opening of Shadow Glen in Marana
12/08/201608:00:00KB Home Names Chris Apostolopoulos as Regional President of Its...
12/07/201608:00:00KB Home Announces the Grand Opening of Lancaster Square in Cypress
12/05/201616:05:00KB Home to Release 2016 Fourth Quarter and Year End Earnings...
12/01/201608:00:00KB Home Announces the Grand Opening of Santa Rita Ranch in Vail...
11/18/201612:00:00KB Home Debuts First Apple HomeKit-Enabled New Home Community
11/16/201608:00:00KB Home Announces the Grand Opening of Vineyard Square in Windermere
11/10/201610:00:00KB Home Promotes Randy Carpenter to President of Its Colorado...
11/07/201617:32:03Current Report Filing (8-k)
11/03/201611:00:00KB Home Names Brian Kunec as President of Its Las Vegas Division

Kb Home and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations