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KB Homes ($23.28 0.2404%) reported fewer losses in its second quarter as it built more homes.
The homebuilder reported a $24 million loss, or 31 cents per share, in the three months ending May 31, down from $68 million in losses one year ago. Revenues increased 11% to $302.9 million.
It delivered 1,290 homes during the quarter, up 2% from last year. Deliveries increased 13% in the Central U.S. and 5% in the Southeast.
The average selling price on a home increased 9% to $233,000. Prices jumped 33% on West Coast, the homebuilder said.
The company reported higher profit margins and a $10 million insurance recovery from defected drywall manufactured in China.
Operating losses narrowed to $15.5 million from $57.5 million the year before.
"The company expects its alliance with Nationstar to result in improved mortgage origination execution for its homebuyers and, in turn, a more predictable business flow as the transition gains momentum," KB said in its release.
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