KB Home on Thursday reported a lower net loss in its fiscal second quarter, with the Los Angeles homebuilder delivering more homes at a higher average selling price.
The company reported a net loss of $3 million (-4 cents a share) for the quarter ended May 31, compared with a loss of $24.1 million (-31 cents) in the same period a year earlier. Revenue rose 73 percent to more than $524 million.
Analysts surveyed by FactSet on average expected a net loss of 6 cents on revenue of $454 million.
The company took a $15.9 million charge related to repairs. Without that charge it would have earned $12.9 million. Home deliveries rose 39 percent to 1,797 homes, with a 25 percent higher average selling price of $290,400. Average selling prices were up 15 percent in the West Coast and Central regions, 26 percent in the Southwest and 16 percent in the Southeast.
At the end of the quarter, KB Home said it had an order backlog of $827 million, up 19 percent.
Shares closed down 18 cents, or 1 percent, to $19.71 on the New York Stock Exchange.