KB Homes Posts $268.2 Million Fiscal First Quarter Net Loss
- Mar 28, 2008
Los Angeles–KB Home–the fifth-largest U.S. homebuilder–announced its fourth quarterly loss in a row Friday, Bloomberg reports.The Los Angeles-based company’s fiscal first-quarter net loss was $268.2 million–more than twice what analysts had expected. KB’s revenue dropped 43 percent to $794.2 million; net orders plummeted 75 percent to 1,449 homes. In addition, Chief Executive Officer Jeffrey Mezger said in a statement that the housing market isn’t improving and probably won’t rebound soon. In the first quarter of 2007, KB Home posted a net income of $27.5 million.