KB Home says its third-quarter loss quadrupled from a year-ago period helped by hefty gains on the homebuilder's now-discontinued French operations, and missed Wall Street expectations.
The Los Angeles-based company's loss widened to $144.7 million, or $1.87 per share, from a loss of $35.6 million, or 46 cents per share, a year ago. But excluding gains from its divested French operations, year-ago losses totaled a whopping $478.6 million, or $6.19 per share.
Latest-quarter results included pretax charges of $82.2 million to write down inventory values.
Revenue for the period ended Aug. 31 fell by more than half to $681.6 million from $1.54 billion, as continued deterioration in new home demand and pricing, excessive inventories and less mortgage availability hurt sales across most markets.
Analysts polled by Thomson Reuters had predicted a loss of $1.22 per share on revenue of $734.7 million.