KB Home (KBH) Slammed Following Q1 Numbers as Cancellation Rate Rises
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KB Home (NYSE: KBH) is getting slammed in premarket trading Friday following its first-quarter 2012 operating results. Shares are off about 12 percent early.
Revenue for the homebuilder rose 29.3 percent to $254.56 million, from $196.94 million in the same period last year. Net loss narrowed to $45.8 million, or 59 cents per share.
Overall, the Street was looking for revs of $337.3 million and a loss of 26 cents per share.
Notably, net orders fell 8 percent to 1,197 and its cancellation rate rose from 29 percent last year to 36 percent in the recent quarter.
Backlog also increased 30 percent to 2,203 homes.
Providing some general comments, CEO Jeff Mezger said, "The pace of the recovery is uneven, however, with certain local markets showing greater strength and more normalized activity than other areas where a rebound will take longer to manifest. We expect that the housing market in general will gradually strengthen as the economy continues to advance." (Note: We're not sure if he's referring simply to the passage of time or improvement in the macro environment.)
No guidance was issued for KB.
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Revenue for the homebuilder rose 29.3 percent to $254.56 million, from $196.94 million in the same period last year. Net loss narrowed to $45.8 million, or 59 cents per share.
Overall, the Street was looking for revs of $337.3 million and a loss of 26 cents per share.
Notably, net orders fell 8 percent to 1,197 and its cancellation rate rose from 29 percent last year to 36 percent in the recent quarter.
Backlog also increased 30 percent to 2,203 homes.
Providing some general comments, CEO Jeff Mezger said, "The pace of the recovery is uneven, however, with certain local markets showing greater strength and more normalized activity than other areas where a rebound will take longer to manifest. We expect that the housing market in general will gradually strengthen as the economy continues to advance." (Note: We're not sure if he's referring simply to the passage of time or improvement in the macro environment.)
No guidance was issued for KB.
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