Homebuilder KB Home (KBH) reported lower-than-expected quarterly earnings, causing its stocks to fall to the lowest level in a year and a half. Per Bloomberg:

The Los Angeles-based homebuilder posted net income for the three months through August of $28.4 million, or 28 cents a share, compared with $27.3 million, or 30 cents, a year earlier.  

“We anticipated some minor delays,” KB Home Chief Executive Officer Jeffrey Mezger said on a conference call with analysts today. “However, we experienced far more paperwork-processing and approval issues than we expected with the launch. The initial disruption is now behind us and while we have more work to do in fine-tuning this new business, we expect a smoother closing process within the mortgage venture going forward.”

The builder’s stocks finished the day down 5.60%, while the HW 30, HousingWire’s exclusive list of mortgage related stocks, completed the say up .75%. 

Most Popular Articles

Former Fannie Mae employee gets 6 years in prison for making $1 million on shady foreclosure sales

A former Fannie Mae employee will spend more than the next six years in prison after being found guilty of accepting more than a million dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

Jan 15, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please