Homebuilder KB Home (NYSE: KBH) reported lower earnings and revenues for the fourth quarter of 2020, reflecting the COVID-driven slump in demand. The results, meanwhile, topped expectations.
Fourth-quarter net profit dropped to $106.1 million or $1.12 per share from $123.2 million or $1.31 per share in the year-ago period but exceeded the consensus estimate. The weak bottom-line performance was the result of a 23% decrease in revenues to $1.19 billion. But the outcome was better than what experts had projected.
Homes delivered decreased to 2,876 during the three-month period from 3,929 in the prior-year quarter. Meanwhile, the average selling price moved up 5% to $413,700.
KB Home’s stock, which has gained 3% so far in 2021, closed Tuesday’s regular session higher. It gained further after the earnings report, in extended trading.
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