Homebuilder KB Home (NYSE: KBH) on Thursday announced results for the third quarter of 2023, reporting a double-digit decline in revenues and net profit.
The company’s net income declined to $149.9 million or $1.80 per share in the third quarter from $255.3 million or $2.86 per share in the comparable period of 2022.
At $1.59 billion, revenues were down 14% year-over-year. The top line was negatively impacted by a decrease in revenue in the core Homebuilding segment.
“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 Jeffrey Mezger, chief executive officer of KB Home.