KB Home beats expectations for profit and revenue; raises guidance
Investing.com -- KB Home (NYSE:KBH) stock was down after hours despite beating expectations on revenue and profit and raising 2023 guidance.
The home builder reported third quarter earnings per share of $1.80 and revenue of $1.59 billion. Analysts expected earnings per share of $1.43 and revenue of $1.47 billion.
The number of homes delivered fell 7% from the prior year, to 3,375. But net orders for the third quarter rose 52% to 3,097, from last year, and net order value rose 54% to $1.51 billion.
“While our year-over-year comparisons reflect the record results we achieved in the prior-year quarter, we expect this quarter’s solid performance to contribute to a more profitable 2023 fiscal year than we had previously anticipated,” said CEO Jeffrey Mezger.
Shares were down 3% in after hours trading. They are up nearly 51% so far this year.
KB Home said its average selling price was $466,300, compared with $508,700 last year.
For the full year, it sees housing revenue of $6.3 billion, higher than its prior guidance of $5.8 billion to $6.2 billion. It sees an average selling price of $481,000, slightly higher than prior guidance.
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