KB Home's Narrowed Quarterly Loss Misses Estimates

KB Home (NYSE:KBH) reported a narrowed fiscal Q1 loss of $0.71 per share, missing consensus estimates for a loss of $0.41.

Sales in the quarter fell 14.1% year-over-year to $264.0 million, and came in short of consensus estimates of $276 million.

Company-wide net orders increased 5% to 1,913 in the quarter from 1,827 net orders in the corresponding quarter of 2009.

At February 28, 2010, the Company had 2,713 homes in backlog representing approximately $523.8 million in projected future revenues, compared to a backlog of 2,651 homes representing approximately $559.8 million in projected future revenues at February 28, 2009.

Jeffrey Mezger, president and chief executive officer said, "Based on our current outlook, we believe that KB Home is positioned to return to profitability in the latter part of this year, and that our growth-oriented strategies will create higher returns on capital in the future along with favorable long-term results for our stockholders."