KB Home Q2 Loss Narrows; Home Deliveries Rise (KBH)
On Thursday, homebuilder KB Home (KBH) reported a narrowed loss for its second quarter.
The Los Angeles, CA-based company reported a second quarter loss of $2.97 million, or 4 cents per share, compared to a net loss of $24.14 million, or 31 cents per share a year ago. Analysts expected to see a loss of 7 cents per share.
Revenue for the quarter was $524.41 million, up from $302.85 million a year ago. Analysts expected to see revenue of $450.8 million.
The company delivered 1,797 homes during the quarter, a 39% increase from last year. The average selling cost of homes rose 35% to $290,400.
Jeffrey Mezger, president and CEO of KB Home, noted, “our outlook for 2013 remains favorable even with the second quarter charge associated with water intrusion repairs, which we believe puts the financial impact of the matter behind us. We remain confident that we are on course to achieve a solidly profitable 2013, with meaningful profits expected in each of the final two quarters of the year, and will continue to build positive momentum entering 2014.”
KB Home shares were up 54 cents, or 2.71%, during Thursday morning trading. The stock is up 29% YTD.
The Bottom Line
Shares of KB Home (KBH) have a 0.48% yield based on Thursday morning’s price of $20.68.
KB Home (KBH) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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