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
NFLX Earnings: Netflix Q1 2025 revenue and profit beat estimates
Netflix, Inc. (NASDAQ: NFLX) on Thursday reported stronger-than-expected revenue and earnings for the first quarter of 2025, as its subscriber base continued to expand. Both revenue and the bottom line
Another tough quarter in the cards as Intel prepares for Q1 2025 earnings
Intel Corporation (NASDAQ: INTC) has been facing intense competition from rivals Nvidia in AI chips and AMD in CPUs, lately. The Semiconductor giant issued weak guidance after reporting lower revenues
What to expect when American Airlines (AAL) reports Q1 2025 earnings results
Shares of American Airlines Group (NASDAQ: AAL) stayed red on Thursday. The stock has dropped 48% over the past three months. The airline is slated to report its earnings results
