KB Home Reports Wider Third-Quarter Loss as House Sales Drop
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KB Home, the Los Angeles-based homebuilder that focuses on first-time buyers, reported a wider third-quarter loss amid a decline in sales as the U.S. unemployment rate remained higher than 9 percent.
The loss for the quarter ended Aug. 31 grew to $9.6 million, or 13 cents a share, from $1.4 million, or 2 cents, a year earlier, KB Home said in a statement today. Analysts estimated a loss of 19 cents a share, the average of 17 estimates in a Bloomberg survey.