Homebuilder KB Home (NYSE: KBH) on Thursday announced financial results for the first quarter of 2024, reporting a double-digit increase in net income. Revenues moved up 6%.
The company’s net income increased to $138.7 million or $1.76 per share in the first quarter from $125.0 million or $1.45 per share in the comparable period of 2023.
At $1.47 billion, Q1 revenues were up 6% year-over-year. The top line benefitted from a strong performance by the core Homebuilding segment. Net order value increased 58% to $1.58 billion during the three months.
“Fiscal 2024 is off to a strong start, as we generated solid results in our first quarter that were either at or above the high end of our guidance ranges. Market conditions have improved since the end of our 2023 fiscal year, contributing to the significant year‐over‐year increase in our net orders for the quarter,” said Jeffrey Mezger, chief executive officer of KB Home.