Summary Box: Homebuilder KB Home cuts 2nd-qtr loss, but new home orders tumble 23 percent
By APFriday, June 25, 2010
Summary Box: KB Home 2nd-quarter results
SMALLER LOSS: KB Home trimmed its fiscal second-quarter loss from a year ago, when the homebuilder recorded nearly $50 million in charges related to land and other assets. It didn’t book any such charges this time.
WEAK ORDERS: KB Home’s new home orders plummeted by 23 percent in the March-May period. The weak orders were due largely to the end of federal homebuyer tax credits on April 30.
OUTLOOK: Management said it’s too early to tell when demand will improve, noting its timetable for becoming profitable could potentially be delayed by a quarter or two.
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