KB Home (KBH) reports larger-than-expected quarterly loss

Shares of home builder KB Home (NYSE: KBH) have been tumbling in early trading after the company announced this morning it swung to a first quarter loss. The company's quarterly numbers were dragged down by higher write-downs related to lower home prices. Unlike its competitor Lennar Corp. (NYSE: LEN), KB Home was not able to beat analysts' expectations, sending its shares down over 5% this morning.

Including a charge of $223.9 million in write-downs, the residential home builder posted a quarterly loss of $268.2 million, or $3.47 per share, hurt by lower new home deliveries and orders. The company's quarterly numbers were also hurt by higher impairment charges. Analysts expected KB Home to show a quarterly loss of "only" $1.17 per share.

The global crisis in the credit market put pressure on the home builder's revenue, which plunged 43% to $794.2 million. For this period, the slumping housing market and credit crisis came with a plunge of 75% for new home orders and with a drop of 57% for new home deliveries. Analysts, on average, predicted sales of $805.7 million in the quarter, according to Thomson Financial.