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Los Angeles-based KB Home reported a second quarter net loss of $24.1 million, compared with a net loss of $68.5 million in the year-earlier quarter.
For the second quarter ended May 31, revenues totaled $302.9 million, up 11% from $271.7 million for the second quarter of 2011. The company pointed to an increase in the number of homes delivered and a higher average selling price.
Three of the company's four home-building regions posted year-over-year growth, with revenues up 24% in the West Coast region, 5% in the Southeast region and 4% in the Central region.
KB Home delivered 1,290 homes, up 2% from the year-earlier quarter, with increases of 13% and 5% in the company's Central and Southeast regions, respectively, partly offset by decreases in the West Coast and Southwest regions.
"Our second-quarter results reflect the continued repositioning of our operations and investments to stronger, highly desirable, land-constrained submarkets that support sales of larger, higher-priced homes to our core first-time and first move-up customers," said Jeffrey Mezger, president and CEO. "The impact of our strategic product and community placement can be seen in our improved financial and operating results in the quarter as we pursue our goal of returning to profitability.
"Entering the second half of 2012, we have a strong backlog of homes with higher selling prices and better margins to help restore profitability, and we anticipate achieving further gains in our margin performance as our revenue growth and cost-management efforts take hold.”
For the six months ended May 31, the company reported a net loss of $69.9 million, compared with a net loss of $183.0 million in the first six months of 2011. Revenues totaled $557.4 million, up 19% from $468.7 million for the year-earlier period.
Homes delivered increased 10% to 2,440, up from 2,214 homes delivered in the year-earlier period.
The home builder was recently recognized by the U.S. Environmental Protection Agency with a company-record 14 Energy Star Leadership in Housing Awards. The company has built more than 68,000 Energy Star homes since joining the program in 2000.