Homebuilder KB Home (NYSE: KBH) on Tuesday announced financial results for the second quarter of 2024, reporting an increase in net income. Revenues were down 3%.
The company’s net income increased to $168.4 million or $2.15 per share in the second quarter from $164.4 million or $1.94 per share in the comparable period of 2023.
At $1.71 billion, Q2 revenues were down 3% year-over-year. The top line was negatively impacted by weak performance by the core Homebuilding segment.
“Buyers remained resilient in their desire for homeownership despite the volatility in mortgage interest rates. Our pace of monthly net orders per community was one of our highest second quarter levels in many years, which we believe reflected the compelling personalized choice that our Built to Order model offers to meet each buyer’s lifestyle and budget,” said Jeffrey Mezger, chief executive officer of KB Home.