Live Blog: KB Home Orders Fall 8%, Shares Tumble

Reuters
Homes built by KB Home are pictured in Carlsbad, Calif. in this file photo from Jan. 4, 2011.

KB Home, one of the home-building sector’s largest and most-watched companies, reported disappointing quarterly results Friday morning, losing $45.8 million, or 59 cents a share, in the first quarter of 2012.

While this is a narrower loss from the a year earlier (KB got clobbered in the first quarter of 2011, losing $114.5 million), the results have analysts and investors spooked, mainly because the company, which is based in Los Angeles, reported dismal orders. The number of buyers under contract for KB Home houses totaled 1,197 homes, down 8.1%.

Wall Street had predicted an uptick in orders. More troubling is that orders are down most on the West Coast and in the Southwest, markets where KB has spent lots of money in the last year and a half buying land and building new communities. We listen in on the companies quarterly earnings call and report the play-by-play.

11:34 am | by Matthew Strozier

The call is under way. I’m joined today by WSJ reporters Robbie Whelan and Dawn Wotapka.

11:32 am

11:32 am | by Matthew Strozier

The call should be starting shortly, we’re told.


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