KB Home Q3 loss narrows
KB Home has announced a third-quarter net loss of $66.0 million, compared with a net loss of $144.7 million in the year-ago period.
Citing lower housing revenues, the company reported revenues for the third quarter, ended Aug. 31, of $458.5 million, down 33% from $681.6 million in the third quarter of 2008.
Third-quarter housing revenues were $454.2 million, down 32% from $668.3 million in the year-ago period.
"In this challenging environment, we significantly narrowed our third quarter net loss from a year ago through the disciplined execution of our strategic initiatives," said Jeff Mezger, president and CEO. "Restoring the profitability of our home-building business remains our highest priority, and we continue to take actions to achieve this objective."
Net orders increased 62% to 2,158, up from 1,329 in the third quarter of 2008 -- each of KB Home’s geographic regions experienced year-over-year net order growth. The company's backlog totaled 3,722 homes, compared with a backlog of 4,774 homes a year earlier.