HomeBuilders

[mlkrborn]

UPDATE: KB Home 1Q Loss Widens As Revenue, Orders Plunge
Date : 04/05/2011 @ 10:03AM
Source : Dow Jones News
Stock : KB Home (KBH)
Quote : 11.24 -0.96 (-7.87%) @ 7:52AM

UPDATE: KB Home 1Q Loss Widens As Revenue, Orders Plunge
KB Home (NYSE:KBH)
Intraday Stock Chart

Today : Tuesday 5 April 2011
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Builder KB Home's (KBH) fiscal first-quarter loss widened sharply as plunging orders fueled a steep revenue drop and charges weighed on the bottom line.

Shares plunged 7.7% to $11.26 in premarket trading.

Like most builders, Los Angeles-based KB Home faced a tough year-over-year comparison because the federal tax credit that expired in early 2010 pulled demand forward. Since then, the industry has seen sales fall off dramatically.In the latest period, KB Home's deliveries tumbled 28%, while net orders dropped 32%.

Still, builders say they're optimistic because consumer visits to model homes and sales centers have picked up recently.