8:01AM KB Home misses by $2.36, misses on revs (KBH) 18.13 : Reports Q2 (May) loss of $3.30 per share, $2.36 worse than the First Call consensus of ($0.94); revenues fell 54.8% year/year to $639.1 mln vs the $691.3 mln consensus. "Housing market conditions remain difficult for the homebuilding industry, with inventories of unsold homes expanding as foreclosures rise to record highs, and consumer confidence continuing to deteriorate amid signs of weakness in the general economy... Persistently poor demand for new homes during the second quarter amplified pricing pressures and diminished asset values in many of our served markets, requiring us to recognize additional non-cash charges for inventory and joint venture impairments, abandonments and the write-off of goodwill, all of which significantly reduced our operating results. Despite substantially lower home prices, relatively low interest rates and an abundance of choices, potential new home buyers remain reluctant to purchase a home. But as housing affordability continues to improve, we expect today's hesitant buyers to become a healthy source of demand for new homes, fueling the eventual housing market recovery."
5:18AM AZZ Inc. beats by $0.28, beats on revs; guides FY09 EPS, revs above consensus (AZZ) 32.27 : Reports Q1 (May) earnings of $0.82 per share, $0.28 better than the First Call consensus of $0.54; revenues rose 32.6% year/year to $100 mln vs the $90.1 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.95-3.05 vs. $2.43 consensus; sees FY09 revs of $410-425 mln vs. $400.04 mln consensus. (POPPED)
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