KB Home’s Profit Soars on Deliveries
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KB Home, one of the country’s largest home builders, said Tuesday that its profit jumped 40% in the latest quarter because of higher deliveries and orders.
The Westwood-based company earned $74.2 million, or $1.75 a share, in its fiscal first quarter ended Feb. 29.
That compares with net income of $52.8 million, or $1.25 a share, in the same period a year ago.
Results for the quarter exceeded the average of $1.59-a-share forecast in a Thomson First Call survey of analysts.
Revenue rose 24% to $1.35 billion from $1.09 billion.
KB Home said revenue growth was driven by higher selling prices as well as an 18% increase in delivered homes, to 6,196 in the first quarter from 5,263 in the previous year.
Houses delivered increased in nearly all of the company’s geographic regions, with the largest increase occurring in the Southeast.
KB Home’s net orders for the first quarter increased 23% to 8,054 from 6,549.
The company’s backlog as of Feb. 29 stood at 16,660 units, up 25% from 13,309 units a year earlier.
KB Home reported its earnings after the close of regular trading on the New York Stock Exchange.
The company’s shares rose $1.09 to $79.25.
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