KB Home (NYSE: KBH) reported mixed results for third quarter 2019. Earnings of $0.73 per share surpassed the consensus estimates, while revenue of $1.16 billion missed the analysts’ views. Analysts had expected the homebuilder to post earnings of $0.66 per share on revenue of $1.17 billion in the third quarter. KB Home stock was down about 2% in the extended trading session.
Shares of KB Home hit a new 52-week high ($32.48) today as the analyst firm Raymond James upgraded KBH stock to “outperform” and on the strong sales of the newly built homes in the month of August.
Earnings decreased to $68 million or $0.73 per share in the three months ended August 31, 2019 from $87 million or $0.87 per share in the prior-year period. Revenue decreased 5% year-over-year.
Net orders for the third quarter grew 24% to 3,325, while backlog rose 14% to 6,230 homes. KB Home delivered 3,022 homes in the four regions during the third quarter compared to 2,988 homes in the third quarter of 2018.
“With year-over-year growth in both revenues and gross profit margin anticipated for our fourth quarter, we are on track for a strong finish to 2019, the third year of our Returns-Focused Growth Plan. We expect to continue to grow our community count in 2020, and, together with our solid pace and $2.3 billion backlog, we believe we are well positioned for an excellent start to the new year,” said CEO Jeffrey Mezger.
KB Home’s rival Toll Brothers (NYSE: TOL) reported its third quarter 2019 results last month. While the company topped Street’s estimates for the quarter, it reported a drop in gross margin and orders.
KBH stock had surged 69% so far in this year and 28% in the past 52-weeks.
Most Popular
CCL Earnings: Carnival Corp. Q4 2024 revenue rises 10%
Carnival Corporation & plc. (NYSE: CCL) Friday reported strong revenue growth for the fourth quarter of 2024. The cruise line operator reported a profit for Q4, compared to a loss
Key metrics from Nike’s (NKE) Q2 2025 earnings results
NIKE, Inc. (NYSE: NKE) reported total revenues of $12.4 billion for the second quarter of 2025, down 8% on a reported basis and down 9% on a currency-neutral basis. Net
FDX Earnings: FedEx Q2 2025 adjusted profit increases; revenue dips
Cargo giant FedEx Corporation (NYSE: FDX), which completed an organizational restructuring recently, announced financial results for the second quarter of 2025. Second-quarter earnings, excluding one-off items, were $4.05 per share,