LOS ANGELES — KB Home said Friday that its fiscal first-quarter loss narrowed to $45.8 million, or 59 cents a share, from a loss of $114.5 million, or $1.49 a share, in the year-ago period, falling short of forecasts.
The California-based homebuilder’s revenue rose to $254.6 million, from $196.9 million.
Wall Street analysts expected KB Home to report a loss of 24 cents a share, according to a survey by FactSet Research.
The company’s backlog grew to 2,203 homes from 1,689 homes at this time last year.
KB Home said it is seeing signs of stabilization and recovery in the housing market, but the pace of recovery is uneven. “We expect that the housing market will gradually strengthen as the economy continues to advance,” the company said.
Shares plunged 16 percent in premarket trade.
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