KB Home reported its first-quarter net loss narrowed by $33.3 million, or 73%, to $12.5 million, compared with a net loss of $45.8 million in the first quarter of 2012.
Revenues for its first quarter ended Feb. 28 increased 59% to $405.2 million from $254.6 million for the first quarter of 2012 as a result of an increase in the number of homes delivered and a higher average selling price. Compared with the year-earlier quarter, revenues were up across all of the company's home-building regions.
KB Home delivered 1,485 homes, up 29% from the first quarter of 2012.
This is the third consecutive quarter that the company generated home-building operating income, and the first time it has posted first-quarter operating income since 2007. It reported an operating income of $.5 million, a $31.6 million improvement from an operating loss of $31.1 million for the year-earlier quarter.
Each of the company's four home-building regions generated a year-over-year increase in net order value, ranging from 41% in the Central region to 133% in the West Coast region.
Net orders rose 40% to 1,671 in the first quarter of 2013, up from 1,197 in the year-earlier quarter.
"Our strategies targeting growth and profitability are working as evidenced by our significantly improved financial and operational results in the first quarter," said Jeffrey Mezger, president and CEO. "Our revenues grew by 59% from a year ago, driven by both higher deliveries and increased pricing power in our served markets, reflecting the success of our land repositioning initiatives and a shift in consumer demand to larger homes."