KB Home’s fiscal first-quarter loss widened, as the homebuilder delivered fewer homes and net orders declined.
But the Los Angeles company said it is encouraged by higher traffic at the beginning of spring selling season.
The company lost $114.5 million, or $1.49 a share, for the three months ended Feb. 28. That compares with a loss of $54.7 million, or 71 cents a share, a year ago.
The quarter included a $45.1 million charge.
Analysts expected a loss of 25 cents a share.
Revenue dropped 25 percent to $196.9 million from $264 million, missing Wall Street’s $225 million estimate.
Net orders fell to 1,302 from 1,913, while homes delivered dropped 28 percent to 949.
KB Home builds homes to order for entry level, move-up buyers and seniors in 12