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
FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%
Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted
Key highlights from Darden Restaurants (DRI) Q1 2023 earnings results
Darden Restaurants, Inc. (NYSE:DRI) reported first quarter 2023 earnings results. Total sales increased 6.1% year-over-year to $2.4 billion, driven by blended same-restaurant sales growth of 4.2%. Net earnings amounted to
ACN Earnings: Key quarterly highlights from Accenture’s Q4 2022 financial results
Accenture (NYSE: ACN) reported fourth quarter 2022 earnings results today. Total revenues were $15.4 billion, up 15% year-over-year in US dollars and up 22.4% in local currency. Net income attributable
