KB Home posts $24-million loss
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Los Angeles builder KB Home lost just over $24 million in the second quarter, a substantially narrower loss than the same period last year.
New home sales have struggled in the face of the difficult economy. Builders have faced competition from foreclosures. But sales have also picked up this year after hitting a low in 2011.
KB Home posted a loss of $24.1 million, or 31 cents per share, compared with $68.5 million, or 89 cents per share, during the second quarter of last year.
Over the last 12 months, KB Home has been the worst performer of the 11-member Standard and Poor’s 1500 Homebuilding Index, according to Bloomberg News. It has posted losses in eight of the last 10 quarters.
The company reported revenue of $302.9 million compared with $271.7 million last year. The company delivered 1,290 homes in the second quarter compared with 1,265 during the same period last year.
The West Coast was the company’s second-largest market, delivering 600 homes here.
The company’s central division was its largest, with 900 homes delivered.
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